Since the coronavirus pandemic shut down much of the U.S. economy, homeowners have flooded their mortgage companies with pleas for help. Forbearance programs have brought temporary relief, but the process has been confusing. Here’s what you need to know:
According to the Mortgage Bankers Assn., there are now 3.5 million mortgages in so-called forbearance programs, which allow borrowers to delay payments or make partial payments for a time while their financial situation improves.
According to the federal Consumer Financial Protection Bureau, there should be no additional fees, penalties or additional interest charged to you because of your forbearance. But it can be hard to know if you actually have one of those loans. Typically, you don’t write out a check to a government agency each month; you pay a private mortgage servicing company, which collects your payments and passes them along to the investors that own your mortgage.
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