Homeowners struggling to pay their mortgage because of the coronavirus pandemic may qualify for forbearance – the ability to defer mortgage payments for a few months. If you’re wondering how to take advantage of this option, we’ve got you covered. A HomeFree-USA Homeownership Advisor shows you how.
If you are a homeowner and struggling right now to pay your mortgage, you may be able to get some relief.
Thanks to the Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted to help Americans get through the pandemic, some homeowners may be able to take advantage of forbearance, which is the temporary suspension of your monthly mortgage payment.
That means you might be able to take a temporary break from making payments, and it would not hurt your credit score. If you are wondering how to take advantage of this option, Gary Plummer, a senior Homeownership Advisor with HomeFree-USA, offers these tips:
Reach out to a Homeownership Advisor. Before you talk to your lender, make sure you understand all of your options. Not only can HomeFree-USA give you an idea of what to expect, but we can help you determine what to say and help you get the best results.
Contact your lender. Once you have spoken to a Homeownership Advisor about your current situation, reach out to your lender to let them know you have been impacted financially by COVID-19. In some cases you may be asked to show proof of economic hardship, such as a decrease in income.
Read all documentation carefully. When it comes to reaching an agreement with a lender, it is critical that you understand what you are agreeing to. Once again, a HomeFree-USA Homeownership Advisor can help you make sure you are making financial decisions that will help you in the long run.
We are all being impacted in some way by the COVID-19 pandemic. Forbearance may be a way for you to weather the financial storm.