Do I Get to Skip Mortgage Payments After Passing the CARES Act?

You cannot just skip mortgage payments because of the CARES Act. You may be entitled to mortgage forbearance as a result of the CARES Act, but you MUST request this from your mortgage servicer.

#skipmortgagepayments #caresact #mortgageforbearance

If you have a federally backed mortgage, your path to mortgage forbearance and reinstatement options are very well defined by the CARES Act.

Over 70% of mortgages in the market today are federally backed.

🇺🇸 FHA, VA and USDA loans are covered under the CARES Act
🇺🇸 Fannie & Freddie backed loans are covered under the CARES Act

IMPORTANT: You cannot simply stop making payments, you MUST speak to your servicer first. If you stop making payments without talking to your servicer, the payments can be reported as late and you could lose out on the protections offered by the CARES Act.

If your loan is not federally backed, your options may not be as clear cut as is laid out in the CARES Act. Your servicer is not required to follow the guidelines in the CARES Act, but it is highly recommended that they do.

Understanding your options Empowers you to recognize if your servicer is not offering you all of the options you are entitled to during this national emergency.
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