Mortgage Forbearance: What You Need To Know

If you’re among those economically impacted by the coronavirus pandemic, you might be worried about how to pay your mortgage. Federal and state governments have announced plans to help stressed homeowners during this time.

In these unparalleled times there is a great deal of distortion about recently announced forbearance programs. First let me emphasize; Forbearance is not forgiveness!

How do forbearance programs work? Is forbearance for you?  Who should use them? Many of you are asking yourselves these questions and we are here to help with resources for you to find those answers.

Forbearance may be an option for you.  Forbearance can help consumers get back on their feet during short term financial difficulty. However, there are a few things you will need to know and important decisions you will need to make.

It’s important to know the facts when considering forbearance or any other aid during these uneasy times. Make sure above all you contact your Financial Institution first. 

Unfortunately, during these unprecedented times, we see the best in people and the worst. Be careful there are many scams related to the coronavirus.  Make sure you are getting your information through a reliable source.

The Consumer Financial Protection Bureau has produced this educational video, which will help you with understanding Forbearance and the choices you might have.

Visit https://www.consumerfinance.gov/about... to learn more about coronavirus mortgage relief options under the CARES Act.

 Also visit our Resources page on our website for more helpful Links and information under More Section https://www.thinkgahomes.com/