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Like millions of homeowners, Gregg Pupecki of Beach Park accepted mortgage forbearance an interest-free pause in his payments during the coronavirus pandemic.
A first-time homeowner, Pupecki loves his two-story house, which he bought in 2012. So he paid attention when he got a notice from his loan servicer in February demanding an immediate payment of $12,475 “to bring your loan current.”
“Failure … may result in fees and the loss of your home due to foreclosure,” the document read.
His original lender, Chase Bank, offered the forbearance essentially a pause in having to make the payments on his 30-year mortgage without racking up extra interest or hurting his credit on his FHA-backed loan.