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What is Mortgage Forbearance

Updated: Jan 8, 2023

What is mortgage forbearance specifically?

Mortgage forbearance is a word that is new to us yet we're gonna be hearing it for months and if not years to come because of this unfortunate event called covid19. On March 27th 2020 president Trump signed into law the cares Act which in layman's terms the big federal bailout that you've heard about on the news that's gonna try to help everybody possible that has been impacted by this coronavirus, in addition to the unemployment benefits that this cares Act gives in addition to the the trillions of dollars that they're trying to put back into the economy for every one that's been affected by this coronavirus, it makes it possible for homeowners not to have to make their mortgage payment for up to 180 days, that is six months and then possibly another six months after that. Let's define forbearance; it's a temporary relief of your mortgage payments in this instance we're talking about forbearance of mortgage payments and that's done usually by either temporarily pausing your payments for a period of time or pausing certain portions of your payment's or in other words allowing you to make a certain portion of your mortgage payment. Some lenders will allow you to extend your loan or add your paused payments to the back of the loan.

If you are looking into the Forbearance option in the areas of Fremont, Newark, Union City, Hayward or in Pleasanton, San Ramon, Danville, Dublin, Walnut creek or any surrounding areas and would like more info please give me a call.

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