Mortgage forbearance is an essential part of the recovery package that we are enjoying amidst the current COVID-19 pandemic. It is however very important to prepare on how we should repay them since it does not mean that mortgage payments are condoned. How do you prepare for repaying them?
Here is a brief video from the Consumer Finance Protection Bureau (CFPB) on “Understanding How to Repay your COVID-19 Mortgage Forbearance.”
— consumerfinance.gov (@CFPB) December 3, 2020
What do you need to know about the COVID-19 Mortgage Forbearance?
Key things to know are:
- When will your forbearance end?
- What are the repayment options that you have?
- Ask if you can also ask if you can extend your forbearance.
Remember that the CARES act ensures that you can have mortgage forbearance for up to 180 days and an extension of up to an additional 180 days.
Do you have any questions or concerns about the COVID-19 mortgage forbearance? Let us know through the comment section below.