Long Island homeowners are worried that the mortgage forbearance programs put in place to help them keep their homes through the coming months might not help much at all, according to Newsday.
Some borrowers are finding their lenders expect them to pay all missed payments in a lump sum at the end of their forbearance period, which generally are up to six months long. Part of the challenge for lenders is that two-third of mortgages are bundled into securities and it’s difficult to get the investors who bought those securities to agree to give homeowners a break. [Newsday] — Dennis Lynch