The United States Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27th, 2020. Beyond help for unemployment and student loans, the CARES Act provides mortgage forbearance.
A “forbearance” is an impermanent pause on recurring payments toward a loan. Mortgage forbearance means that the borrower does not have to pay on their home loan until the pause expires.
Many households have suffered massive financial difficulties during the pandemic. If this describes you, the CARES Act may provide you with the option of mortgage forbearance.
The forbearance provided by the CARES Act can last up to one year. But homeowners must apply for relief in six-month increments.
To secure mortgage forbearance, you will need to apply through your mortgage servicer. Your mortgage servicer is the organization that accepts your monthly home loan payments.
To apply, you must detail the financial hardships that you are facing. Lenders want to verify that forbearance is necessary in your case. These difficulties may be a direct result of the pandemic or an indirect result of its economic effects.
It is important to note that you do not have to contract COVID-19 to be eligible for this forbearance option. Contacting a skilled mortgage loan forbearance attorney is the surest way to discover all of your debt relief options.
At Foreclosure Defense Group, we believe that everyone deserves legal representation. Contact us to speak with a knowledgeable forbearance specialist.