Mortgage forbearance is an option for the millions of Americans who have suffered financial hardship since the start of the coronavirus pandemic. It can help them stay in their homes, avoiding late penalties and the risk of foreclosure.
However mortgage forbearance is not a waiver or a grant. It only delays the payments owed to provide temporary relief, allowing borrowers to make lower payments or no payments at all for a specific period of time.
Borrowers will still be required to repay the missed payments and repayment options vary. For instance, adding missed payments to the end of the loan is not available for all loans.
If you think mortgage forbearance may be the right option for you, please contact us. Your Resource mortgage banker is here for you and can answer your questions and discuss the options available to you.
This video from the Consumer Financial Protection Bureau has information and advice that can help.