Americans struggling to pay their mortgages due to COVID-19 job losses may get some temporary relief through the CARES Act, but it is important to speak to your service provider and bank to learn the details of what this means.
“The problem with the CARES Act is that it doesn’t make clear how borrowers pay back the money during a forbearance period,” says Shamus Roller, executive director at National Housing Law Project, a nonprofit legal advocacy center.
These two articles do a great job in laying out the potential difficulties some may face if they are not fully informed of the changes and relief being offered. Again remember it is best to consult with your lender and find out what options are available to you should you need some assistance.