If you are experiencing difficulty making mortgage payments due to COVID–19, the CARES Act (the federal stimulus package) prohibits lenders and servicers from starting a foreclosure against you, or from selling your home in for a foreclosure sale during this crisis.
Mortgage Forbearance is when your mortgage servicer, that’s the company that sends your mortgage statement and manages your loan, or lender allows you to pause or reduce your payments for a limited period of time. Forbearance does not erase what you owe. You’ll have to repay any missed or reduced payments in the future. So, if you’re able to keep up with your payments, keep making them. The types of forbearance available vary by loan type.
Remember, you must contact your mortgage lender directly to request a mortgage forbearance or to stop making mortgage payments.
If you are currently in a bankruptcy case, your lender must notify the bankruptcy court that you have requested or received a mortgage forbearance under the cares act.