The
Mortgage Relief Provision of the CARES Act will allow some homeowners
who need help to put payments on hold for up to a year ~ not just 180
days. Qualifying mortgages are federally backed loans.
Many borrowers of federally backed loans can contact their mortgage loan servicer and request what's called forbearance – in other words, skipping their mortgage payments – simply by attesting that the coronavirus crisis has resulted in financial hardship.
Not every mortgage qualifies, so it’s also important to keep in mind that before you stop paying your mortgage, you must reach out to your lender first to let them know that you wish to enroll in the mortgage relief program.
Each lender has their own different plans for repayment on your mortgage. You should ask your lender if they are going to ask for you to make up those missed payments right away at the end of the 180-day period, after six months, a year, or are they just going to extend out your mortgage on the back end? You should ask them about this first before doing anything. Read More
Many borrowers of federally backed loans can contact their mortgage loan servicer and request what's called forbearance – in other words, skipping their mortgage payments – simply by attesting that the coronavirus crisis has resulted in financial hardship.
Not every mortgage qualifies, so it’s also important to keep in mind that before you stop paying your mortgage, you must reach out to your lender first to let them know that you wish to enroll in the mortgage relief program.
Each lender has their own different plans for repayment on your mortgage. You should ask your lender if they are going to ask for you to make up those missed payments right away at the end of the 180-day period, after six months, a year, or are they just going to extend out your mortgage on the back end? You should ask them about this first before doing anything. Read More
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