CARES Act Mortgage Forbearance: What You Need to Know
If you are experiencing difficulty making on-time mortgage payments due to the national coronavirus emergency, forbearance may be an option for you.
Forbearance is when your mortgage servicer, that’s the company that sends your mortgage statement and manages your loan, or lender allows you to pause or reduce your payments for a limited period of time.
Forbearance does not erase what you owe. You’ll have to repay any missed or reduced payments in the future. So, if you’re able to keep up with your payments, keep making them. The types of forbearance available vary by loan type.
Other resources to help you during the coronavirus pandemic
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If you can’t make your mortgage payments because of the coronavirus, start by understanding your options and reaching out for help.
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Your credit reports and scores play an important role in your future financial opportunities.