Loan forbearance is a viable option you may consider if you experience financial hardship and start missing your monthly mortgage payments. It allows you to reduce or suspend your payments for a period of time and determine a plan on how to repay them after.
For millions of borrowers who are struggling to pay their mortgage, help is on the way under the Coronavirus Aid, Relief, and Economic Act a.k.a. the CARES Act. When you contact your mortgage servicer or lender to get financial relief, it’s important that you know your rights as a homeowner.