Mortgage Relief That Comes With a $4,000 Bill – The New York Times

  • May 18, 2020
  • By: Greenpath Financial Wellness

A GreenPath client is featured in The New York Times as she shares her journey seeking mortgage relief during a time of challenge.

Borrowers with privately held mortgages don’t have the same options as those with government-backed loans. Some are being told they can skip payments, if they make them up all at once.

The New York Times spoke with a GreenPath client from central Florida who quickly found herself in a difficult spot as the coronavirus pandemic crippled the local businesses she counts as clients. She couldn’t draw her full salary in February, and by March, she was seeking relief on her mortgage.

More than 4.6 million borrowers, holding about 9 percent of all mortgages, were in forbearance as of mid-May, up from just 150,000 in early March.

Housing counselors who are accustomed to assisting low- and moderate-income borrowers are also now helping professionals who never expected to be in this position.

Many borrowers have at least been able to get a forbearance for three months, according to housing counselors across the country. But what happens after that — and the type of longer-term relief offered to borrowers — is determined by they have and who owns it.

The article summarizes how  GreenPath offered support and guidance, as a nonprofit financial counselor resource.

GreenPath helped the borrower trim her budget and inspired her to come up with new ways to increase her business revenue, like creating online marketing courses.

The organization has also helped her consider strategies for dealing with her mortgage servicer.

Read the full New York Times article for the complete story.


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