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Chase and other banks shuffled Paycheck Protection Program small business applications, lawsuit says In the suit filed on Sunday, a cybersecurity firm and event planning company accused Chase Bank of prioritizing small business borrowers who were seeking larger loan amounts rather than processing the government-sponsored loan applications on a first-come, first-served basis as advertised.  The move meant that …

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Paycheck Protection Program out of money: Thousands of small businesses shut out A key piece of the federal government’s stimulus efforts to help small businesses and their employees has run out of money, shutting out thousands of potential borrowers who were seeking aid amidst the coronavirus-driven economic plunge. Read More From The CBS News Article

In pandemic era, Twin Cities housing market goes virtual Josh Peterson and Brittany Tiegen are no strangers to online shopping, but they never imagined they would buy their first house that way. “It’s the largest purchase of our life and we never even set foot in it,” said Peterson, who will close in early May. …

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Borrowers Seeking Mortgage Forbearance Hit Ambiguity, Snafus Frustration seeps through long threads on social media channels populated with mortgage borrowers unnerved by their inability to reach lenders over the phone and displeased with the forbearance assistance they are offered once someone answers their calls. Read More From The Forbes Article

Why you should think twice about delaying your mortgage payments Rob Allen and his friends used to talk about sports all the time. These days, the main topic of conversation is mortgage forbearance. Forbearance, an agreement with your mortgage company that allows you to reduce or delay payments for a set time, is a possible …

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Borrower requests for government’s coronavirus mortgage bailout jump 78% in one week As unemployment surges and more Americans struggle to make ends meet, more homeowners are applying for the government’s mortgage forbearance program under the recently passed coronavirus relief plan. Read More From The CNBC Article

Homeowners who’ve lost their jobs or income say their lenders are demanding punishing terms if they take part in what’s supposed to be a government effort to help them. Click here for the article from NPR

CARES Act drives consumers to file forbearance Mr. Cooper released its initial numbers on how it’s serving its customers during the COVID-19 pandemic, announcing it has placed more than 86,000 customers on forbearance plans. This is approximately 2.5% of the servicer’s total customers. The new data comes just a week after President Donald Trump signed …

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Homeowners who have lost income or their jobs because of the coronavirus outbreak are getting some relief. Depending on their situation, they should be eligible to have their mortgage payments reduced or suspended for up to 12 months. READ MORE

Click here for article from 5 Eyewitness News