If borrowers cannot afford their regular mortgage payment after the forbearance ends, they can ask the mortgage company to review them for a more affordable payment. In most cases, missed payments will not have to be paid back all at once. Most borrowers can delay making mortgage payments for up to twelve months by asking for what is known as a “forbearance.” Payments that are postponed due to forbearance can be caught up later by adding the payments to the end of the loan or working out another agreement to repay over time. By clicking on this link: Find out who owns or services your mortgage. If you don’t have a federally or GSE-backed mortgage, you still may have relief options through your mortgage loan servicer or from your state. Learn about mortgage relief options and protections and if they’re right for your situation at: Consumer Finance/Coronavirus
A federal law put in place two protections for homeowners with federally or Government Sponsored Enterprise (GSE) backed mortgages (FHA, VA, USDA, Fannie Mae, Freddie Mac).
