Many people are applying for mortgage forbearance amid this pandemic,
but you need to know a few things first before you follow suit.
All over the world, the pandemic continues to dictate every facet of people’s lives. According to MarketWatch, the requests for mortgage forbearance have increased by almost 1,900% nationwide. This is because the CARES Act demands that service providers offer forbearance to homeowners with federally backed mortgages. However, you need to remember that you will have to make those payments at some point. If your payment is deferred for six months, you’ll be expected to pay it in the seventh month.
If you have any questions, don’t hesitate to reach out. We look forward to hearing from you.