If things are tight and you’re considering reaching out to your lender about options with your mortgage payment, it’s important to understand what your options are. The CARES Act allows you to request temporary suspension of your mortgage payment. It is important for you to understand the difference between forbearance and forgiveness/deferment.
It’s essential for you to get clarification (in writing) from your mortgage servicer prior to applying for this. You need to fully understand the impacts on your credit and ability to refinance your mortgage in the future.
Make sure you are clear on how and when you must make those payments that were suspended. If your lender is giving you three months, with a forbearance, those payments are expected to be fully paid at the end of that time period. They may allow you to pay them over a period of time. The problem is if you are facing financial issues, this could add more stress and have long term financial impact on your credit if you aren’t able to meet your lenders terms.
If I can answer any questions for you, please don’t hesitate to reach out.