Millions of home owners have signed up for mortgage forbearance programs to delay their payments. But there is confusion and concern over how they will pay back what they owe.
Construction projects of every shape and size — deemed essential by the state — have continued across Los Angeles.
The options differ slightly among different types of government loans. FHA has rolled out a “COVID-19 National Emergency Partial Claim” that moves the missed payments into a second, interest-free mortgage that isn’t due until the first loan is paid off. The state law enforcement officials said mortgage servicers already appear overwhelmed and that they have “grave doubts” those companies can effectively manage an “unprecedented” flood of borrowers emerging from COVID-19 forbearance over the next year who will need individual evaluation for the right repayment option.
Meanwhile, Arane Pineda, a 52-year old assistant teacher from San Jacinto, is already overwhelmed. She is furloughed and her husband, a truck driver, is working less.
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