CAN I STOP PAYING MY MORTGAGE PAYMENTS?
Source article: https://www.iheartbudgets.net/covid19-mortgage-rent-relief/
yes if federally backed mortgage company
2 conditions: must contact them and must be affected by crisis
If that is met you can have 180 days mortgage forbearance
If after 180 days still in trouble, you can request another 180 days – according to the cares act they have to give it to you.
What about AFTER the forbearance?
“The problem with the CARES Act is that it doesn’t make clear how borrowers pay back the money during a forbearance period,”
This is why it is SO IMPORTANT to talk with your mortgage servicer directly, and ask them how they expect you to pay for the missed payments.
SHOULD I STOP PAYING MY MORTGAGE IF I CAN AFFORD IT?
If you can make the payments, it is better to pay than to delay the payments (and interest) until later. There are multiple reasons for this:
You will be extending your mortgage payoff, and depending on how your interest is calculated, this could end up costing your more
If your lender requires a balloon payment at the end of forbearance, you have to pay it anyways, and now you risk going into default if you don’t have the money
If you can afford the payment and are not experiencing financial hardship due to COVID-19, you don’t qualify for forbearance anyway
WHAT IF I CAN’T PAY MY RENT?
In addition to mortgage relief, renters are also getting some help in the new CARES Act.
If the mortgage on your rental home is covered by any of the below, then your landlord cannot file for eviction or ask you to vacate your property for 120 days (starting on March 27th):
Also, during this 120-day period, the landlord cannot “charge fees, penalties, or other charges to the tenant related to such nonpayment of rent”
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