Is your Mortgage in forbearance?
At the end of May, more than 4 million homeowners were in forbearance. Under the CARES Act, borrowers with federally-backed home loans can skip or make reduced payments for 12 months, and there are several options for repayment.
A payment deferral modification adds the balance due to the end of the loan. So if you have 24 years remaining on your mortgage, a 6-month forbearance would convert the loan to 24 and a half years. A loan modification reduces the monthly payments while adjusting the length of the loan. So do your research, pray, then choose a plan that benefits your family now and for years to come.
For help reducing monthly payments, download “5 Steps For Starting a Crisis Budget” at crown.org.