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May 26, 2020

Is mortgage forbearance an option?

  • A forbearance hits the pause button on mortgage payments. Still, there are considerations for homeowners.
    • By SARAH SKIDMORE SELL
    AP Personal Finance Writer

    iStock image
    If you feel forbearance is your best option, you need to know which company services your loan and which company owns it. They’re not always one and the same.

    Suddenly out of work or making due with reduced paychecks, an estimated 4.1 million Americans have sought forbearance on their mortgage, according to data released Monday by the Mortgage Bankers Association. That's a staggering number, and experts anticipate more homeowners will seek this protection as the economic impact of the coronavirus wears on.


     
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