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What if I can’t make my mortgage payment this month?
Dated: September 4 2020
From WSJ Money: What if I can’t make my mortgage payment this month? You can apply for forbearance. This means you can suspend monthly payments temporarily. Borrowers can request up to 180 days of forbearance. (Most servicers are offering 90 days, but some are offering six months.) The payments aren’t forgiven, and usually you’ll have to make them up relatively soon—not at the end of your loan.
If the loan is federally backed—and about 70% of mortgages in the U.S. are backed or insured by a federal agency—then the company that collects your payments is supposed to grant the suspension, according to the federal government’s stimulus law.
From WSJ Money: How can I apply for forbearance? Get in touch with your lender before your monthly payment date. There is a grace period, typically two weeks, if you’re unable to reach your lender before your payment date. But if you want to suspend payments, you must get in touch before the grace period ends.
Many mortgage companies have posted options available to customers who have been affected by the coronavirus pandemic. If you can’t find the information you’re looking for there, try calling your company directly. But be warned: You likely won’t be the only one trying to get through.
From WSJ Money: Should I apply for relief? Forbearances are expected to be used widely as millions of Americans lose their jobs and struggle to cover living costs in the economic fallout from the virus. If you can afford to make your regular payments, experts advise that you do so. If you suspend your payments, all the missed payments, plus interest, are often due when the forbearance period ends. It might also affect your credit score.
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From WSJ Money: What if I can’t make my mortgage payment this month? You can apply for forbearance. This means you can suspend monthly payments temporarily. Borrowers can request up to 180
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