What does mortgage forbearance really mean? Today I’ll outline clearly what this could mean for you.
With over 30 million people unemployed and over 3 million people seeking forbearance, it’s a good idea for everyone to familiarize themselves with what mortgage forbearance is—and what it isn’t—during this challenging time.
First, know that forbearance is not the same as forgiveness; forbearance is simply making an arrangement with a mortgage provider to delay or reduce payments for a stated period. The great news is that some mortgage companies are offering good options to those who are struggling to make their mortgage payments due to COVID-19. To learn more about mortgage forbearance, watch this short video.