Transcript
For many Americans, the biggest bill we pay each month is our mortgage.
But if you’re one of the 22 million who were forced to file for unemployment in the last four weeks, you may not be able to make that payment.
The government announced anyone with a federally backed home loan could delay or reduce their payments without fear of foreclosure if they have been impacted by the coronavirus pandemic.
And according to a mortgage banker survey, as of April 12 almost 6-percent of home loans are in forbearance.
But is it right for you?
The first thing to do is contact your mortgage servicer.
Don’t just stop paying.
Second find out if there are fees or interest attached.
Then ask about repayment options.
Depending on the terms, this could be the deciding factor if forbearance is worth it or not.
But remember don’t wait.
Work out a solution now if you haven’t already.
Posted – 4.28.20