What is mortgage forbearance and what will happen to me if I can’t make my payment?
First of all hear this, NO ONE WANTS YOU TO LOSE YOUR HOME, not lenders, and not the US government. These loan programs have been put in place to help struggling homeowners maintain homeownership and keep families in their homes. Your mortgage servicer will work with you to delay making your mortgage payments while you are struggling, and will work with you to establish a repayment plan. This may result in a balloon payment, or could possibly be added to the back end of your current mortgage term.