With millions of people experiencing financial hardship because of the outbreak, the requests for mortgage forbearance skyrocketed by 1,270% between the weeks of March 2 and March 16, and by another 1,896% between the weeks of March 16 and the week of March 30, according to the Mortgage Bankers Association.
The recently passed Coronavirus Aid, Relief, and Economic Security act, or CARES act, allows impacted homeowners with federally backed loans to delay paying their mortgage and get a break on accumulating interest for up to a year.
But securing relief now could come back to haunt you later. Your bank still expects payment at some point and it may even require a lump sum at the break’s end.
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