Steps we’re taking to help our borrowers during COVID-19
As COVID-19 wreaks havoc on the lives of many mortgage borrowers, those who utilized down payment assistance (DPA) to purchase their homes face an additional obstacle. DPA that comes in the form of a forgivable second mortgage requires that borrowers remain current on both their first and second mortgages. But CBC Mortgage Agency is preserving the forgivable feature for borrowers who default because of a layoff or furlough. CBC is also reaching out to its distressed borrowers to alert them of their options including reviewing and cutting expenses, staying current on their mortgages, and educating them about the consequences of forbearance. It is also encouraging borrowers to create and maintain a budget and providing borrower counseling through Money Management International. Existing CBC borrowers can find out more about their options at www.chenoafund.org
Read the full report here: https://www.robchrisman.com/june-12-ae-lo-ops-jobs-dpa-pricing-doc-products-usda-fha-va-notes/