Have you been affected by the COVID-19 pandemic to the point that you are not being able to pay your mortgage on time? Do not worry because you can avail of a COVID-19 forbearance for your home mortgage. If you have a government-backed mortgage like FHA, USDA, and VA loans, you can find relief under the CARES Act of Coronavirus Aid, Relief, and Economic Security. Under the CARES Act, lenders and service providers cannot foreclose your homes until December 31, 2020. There will be no penalties, additional interest, or fees if you are financially affected because of COVID-19. American Mortgage Corporation (AMC) can help you find the best options for you in these troubling times. What is COVID-19 forbearance? Mortgage forbearance is a time for homeowners to find some breathing space in the financial hardship these days by suspending mortgage payments or by paying reduced payments temporarily. This does not mean, though, that your mortgage is erased and forgiven. Forbearance just means that you are given options so that you don’t get overwhelmed by your current financial obligations. At the end of your forbearance plan, you still need to pay everything that you owe but you will not be charged late fees for as long as you adhere to the terms and conditions of your plan. We, at AMC, can assist you with the options that are available for you. How to start applying for COVID-19 mortgage forbearance The first thing you need to do is to contact us so that we can guide you about the necessary steps and options that are available for you. Let us know how much you can afford to pay per month and we can help you find ways to ease the burden of your financial difficulty. After the initial evaluation, together with your loan officer, you can now see which option of best for you.
Forbearance during COVID-19
