There are a growing number of publications telling consumers to expect a wave of foreclosures. There are estimated in January that 2.1 billion loans went into forbearance. They also estimate the first wave of forbearance ending loans will hit in June/July.

This applies to all federally approved mortgage loans through the end of this year.

What will happen as some 2 million-plus of loans in forbearance modification are coming to the end of their forbearance?

The easiest thing for servicers to do is apply for the payments at the end while the homeowner resumes the payments. This may be an option presented to borrowers, but it may not.

The last time this happened, we learned a lot about pooling and serving agreements. Will there be something like this for this time around? Each private label servicer can come up with its own program. Each one is likely to be a little different. The benefit of the federally backed loans is that what they do has to be published online.

We discuss the importance of taking good notes when dealing with your mortgage servicer if you need to go to court or present that information in future conversations.

This issue can become very complex this time around, and we discuss what may happen in light of history and current trends.

One of the main challenges is that there are many loans and not a large number of trained technicians to help consumers get a good modification to their mortgage.

Learn more about Max Gardner and his Consumer Defence Academy.