Mortgage Forbearance
Good morning friends, The Covid-19 Coronavirus has led to some challenging times for all of us. So in today's post I am going to share with you what a Mortgage forbearance is and what its not The Government has created the CARES Act, to assist homeowners whose income may have been adversely impacted by the coronavirus. One of the components of the CARES Act is the possibility of mortgage forbearance. Forbearance is often misinterpreted. While it is intended to help, it can also have some dangerous repercussions. Many people are mistakenly thinking that forbearance equals forgiveness. It does not. What is a Forbearance? With this option, you and your mortgage company agree to temporarily suspend or reduce your monthly mortgage payments for a specific period of time. This option lets you deal with your short-term financial problems by giving you time to get back on your feet and bring your mortgage current. Forbearance may be an option if you are: Behind on your...