“There is like a pig moving through a python. It can be difficult to reach some of the lenders, ”Hepp said, but stressed that persistence is key. “Don’t give up, keep calling, keep staying in the loop, it’s essential at this point.”
For some borrowers like Johnson, however, being in contact with their lender is not a guarantee of optimal results.
“If they had explained the options in any letter I would be fine, but my letters said, ‘We have options, a postponement, etc., etc. most, ”he said.
Because he was not told in advance of the income requirements for the deferral, Johnson said, he is not sure whether forbearance is ultimately the right choice for him.
“I most likely could have borrowed money or rented a room to earn extra money or something,” rather than suspending her mortgage payments.
Ending abstention may not boost housing supply
While some homeowners like Johnson may have to sell out of forbearance if they still can’t pay their mortgage, it’s unclear what effect this might have on the national housing supply.
Some industry watchers believe ending forbearance could give the lists a much needed boost, but Hepp isn’t so sure.