—1 million borrowers are past due on mortgages and don’t have a forbearance plan—
Mount Laurel, NJ – November 18, 2020 – Freedom Mortgage, one of the nation’s largest full-service non-bank mortgage companies and a leader in VA and government-insured lending, remains ready to assist struggling customers even if they’ve stopped making mortgage payments without an approved loan forbearance plan or have allowed their forbearance plans to expire—but customers must reach Freedom Mortgage to ask for additional help.
According to Black Knight, by the end of July of this year, more than 1 million borrowers were past due with their mortgages yet not in a forbearance plan. Since most of these borrowers had loans that were backed by the federal government, they would have likely qualified for forbearance under the terms of the CARES Act, which allows them to suspend mortgage payments for up to a year. At the end of forbearance, there are several options for customers to bring their mortgage current, but borrowers do not need to pay everything back all at once.
According to Freedom, borrowers who have been unable to make their mortgage payments may still qualify for forbearance. Qualifying is simple—borrowers can request forbearance, or an extension of their existing forbearance plan, during the time period in which the COVID-19 National Emergency is in effect. In order to help reach these borrowers, Freedom has joined the "Not OK? That’s OK" campaign recently launched by an independent coalition of U.S. mortgage industry leaders. The campaign encourages borrowers who need assistance to not ignore the problem, but to reach out for help.
"During these tremendously difficult times, there have been many homeowners who have let their mortgages fall delinquent without seeking forbearance plans. Whatever their reasons for doing so, there’s still time to get help," said Freedom Mortgage’s CEO Stanley C. Middleman. "It’s important that borrowers who are having financial difficulties understand that requesting assistance is nothing to be afraid of. If they reach out to us, we can discuss their available options and give them some peace of mind. By the same token, those with forbearance plans that are ending or have expired need to know they may be eligible for an extension or other assistance if they are still experiencing hardships."
Freedom Mortgage encourages its customers who are facing hardships to call the company toll-free at 855-690-5900 for assistance or visit its website at www.freedommortgage.com. Mortgage professionals will be made available to discuss available options.
"We are committed to helping every single customer get through this unprecedented crisis any way we can," added Middleman. "It’s our responsibility to our clients and the economy, but it’s important for them to contact us as soon as possible so we can discuss an appropriate plan."
Homeowners can also access ‘NOT OK? THAT’s OK’ information by calling 800-569-4287 or visit www.covidhelpforhome.org. Industry partners can download images for use in emails, social media and other customer communications.
About Freedom Mortgage
Founded in 1990 and headquartered in Mount Laurel, New Jersey, Freedom Mortgage is a non-bank, full-service mortgage company that provides mortgage loans through retail, wholesale, and correspondent channels. One of the nation’s largest loan originators and servicers, the company is licensed in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Freedom Mortgage is a leader in VA mortgage lending and one of the mortgage industry’s largest philanthropic supporters of the USO and military families. The company is also renowned for its vibrant work environment where its team members can thrive.