“Forbearance is not automatic, you have to request it-don’t just stop paying your mortgage,” says Cristian Salazar, deputy director for communications at the Center for NYC Neighborhoods, a nonprofit that promotes affordable homeownership in New York. Currently, there is no expiration date for this benefit. This allows homeowners to get into a forbearance program if they’re unable to make their mortgage payments because of COVID-19.
If you have a government-backed mortgage (one that is owned by Fannie Mae or Freddie Mac), you’re protected under The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act. “They may modify your monthly payments in order to make it more affordable for you.” Foreclosure and the Coronavirus Pandemicĭuring this pandemic, which has created extraordinary hardship for millions of people, there are relief options available to homeowners. “Mortgage lenders are usually willing to work with borrowers in order to receive some type of monthly payment,” says Michael Foguth, president at Foguth Financial Group in Brighton, Michigan. One of the worst things borrowers facing foreclosure can do is ignore their lender. Many borrowers facing financial difficulties are unaware that lenders are often willing to work with them, sometimes offering solutions like loan modifications.
For borrowers facing foreclosure, there is often uncertainty about their legal rights and even the long-term consequences of foreclosure. A foreclosure is a legal action mortgage lenders use to take control of a property that is in arrears.
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