Mortgage Forbearance: Coronavirus Aid, Relief and Economic Security Act (CARES ACT)
WARNING TO ALL CONSUMERS. Be careful before you sign up for a MORTGAGE FORBEARANCE. A mortgage forbearance will not solve a mortgage problem for many. A forbearance defers payments for a specific period of time. At the end of that time, the past due payments become due. That means if your payment is $1,000 a month and you get a 90-day forbearance beginning April 1…. on July 1 you would owe $4,000.00 ($3,000 for past payments and
$1,000.00 for July). If you can't make that payment in FULL, the bank will place you in default status and start foreclosure. To add deferred payments to the back of the loan homeowners would have to complete a loan modification.
This law is brand new and it will take some time before regulations are implemented and all mortgage lenders have programs in place. If you run into a problem with your lender please contact us at appointments@heaththompson.com