COVID 19 Cares Act Mortage Forbearance

Congress has given Americans impacted by COVID-19 the option to request up to one year of mortgage payment forbearance.To request a COVID-19-related forbearance under the CARES Act, you need to attest to your mortgage servicer that you’ve suffered a financial hardship directly or indirectly caused by the virus.If you request mortgage forbearance under the CARES Act, it can last up to a year.Payments under forbearance aren’t forgiven and will need to be repaid beginning once the COVID-19-related forbearance ends. The provisions of the act are specifically written to prevent the charging of fees and penalties related to a COVID-19 forbearance. During your forbearance, servicers are not permitted to charge extra interest beyond what they would have had you made the payment on time as scheduled. See CARES ACT passed by Congress LOAN MODIFICATION REVIEW

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