Guest Commentary By Missouri Bankers Insurance Services


  because the  in our day-to-day lives, and not for just the obvious medical implications.


Te global health outbreak is causing financial hardship for millions of Americans. Tese difficulties include job loss, reduced income and oſten an inability to make timely payments of their mortgages. All government-backed programs — Fannie Mae, Freddie Mac, Ginnie Mae — are encouraging consumers on their websites to make their first call to the mortgage servicer for any temporary mortgage assistance arrangements or even a formal mortgage forbearance plan.


Forbearance Trending May Lead to Increase Need for Collateral Protection Insurance


Entering a forbearance plan can give some financial breathing room, but there’s no erasing the amount owed. Repayment is required for all that was missed — just not all at once.


If borrowers were current on their loans before starting forbearance or another accommodation covered by the CARES Act, then there are no late fees and they are reported as current to the credit bureau, as long as they


22 mobankers.com


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