Stimulus Bill NEW Program: $0 Mortgage Payments for 12 Months | Mortgage Forbearance
If you have a mortgage, you probably are eligible for mortgage forbearance. You can pay $0 for up to 12 months on your mortgage under the mortgage forbearance program of the CARES Act, a.k.a. the Stimulus Bill.
The CARES Act required lenders to grant you up to 360 days of mortgage forbearance if your mortgage if federally backed, which most mortgages are federally backed.
You will not be required to pay your mortgage until your forbearance period ends. Once the forbearance period ends, you must pay the money back. How you pay it back is up to your lender but can take the form of a mortgage payback of a lump sum, payment plan, or total deferral.
Mortgage forbearance will not cost you anything.
To get mortgage forbearance, call your lender and get an agreement in writing with your loan servicers before you stop paying, otherwise you will be in loan default.
If you don’t know who owns or backs your mortgage, you can call your servicer. The two largest government sponsored entities are Freddie Mac and Fannie Mae.
Is my loan Fannie Mae backed?:
Is my loan Freddie Mac backed?:
Watch this video for more information on the mortgage forbearance program of the CARES Act. We may be heading into a recession, but there are programs to help us prepare our personal finances.
Comment below with any questions you have at all about the CARES Act Mortgage Forbearance.
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Disclaimer: this video is for entertainment purposes only. This is not financial or legal advice. Make your own decisions.
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