Sunday Conversations
Sunday Conversations is a weekly 30-minute public affairs program featuring national and regional guests. Topics include issues and events relevant to the Tri-City area and outlying counties. This program was designed to be educational and informative for our listening audiences. Sunday Conversations is currently hosted by the dynamic duo Catosha and Gerald Riley.
By Leslie Hudgins
Susan G. Cooper has worked in the banking, finance, and real estate industries for over 35 years. She started her career as a teller at Wells Fargo and worked her way up to senior management over the span of 20 years. She accomplished so much by leading by example and promoting the belief of “service first” when helping individuals with their financial needs.
In this week’s Sunday Conversation, Cooper explains how the government and the mortgage companies have worked together since the beginning of the pandemic to ensure that the housing crisis of 2008 does not happen again. This was done through Tactics such as mortgage forbearance, preventing homeowners from being evicted and going into foreclosure
Mortgage Forbearance is a process by which your servicer or lender allows you to freeze your mortgage payment due to hardships such as death or loss of income. This is done by contacting the lender to arrange a loan modification. The homeowner still owes the full amount and pays back the difference later.
For individuals facing the threat of foreclosure, Cooper recommends exploring foreclosure prevention programs such as those offered by Fair Housing and the Georgia Department of Community Affairs. These initiatives provide assistance to qualifying individuals to help them retain their homes and stabilize their financial situations.
As explained by Cooper, mortgage forbearance is a process where the lender allows borrowers to temporarily pause their mortgage payments due to hardships such as loss of income or death. This arrangement is facilitated by contacting the lender to negotiate a loan modification. While homeowners still owe the full amount, they have the option to repay the deferred payments at a later date. Copper suggests establishing a good credit score and ensuring your finances are in order if you are a first-time home buyer.
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