When Should I Apply for a CARES Act Mortgage Forbearance?

According to the CARES Act, a law passed March 27th, 2020, homeowners with a federally backed loan can skip mortgage payments by applying for mortgage forbearance.

#caresactmortgageforbearance, #mortgageforbearanceexplained, #mortgagepaymentrelief

To apply for mortgage forbearance you only need to attest that you are experiencing a COVID-19 related financial hardship. You should not be asked to prove your hardship.

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

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

If you do not have a federally backed mortgage, asking for mortgage forbearance is the same process. The process and options should be the same, even if your mortgage is not considered covered under the CARES Act.

Whether your mortgage forbearance is covered under the CARES Act law or not, you MUST contact your servicer to ask for your mortgage relief options.

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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Would it impact your decision to go into forbearance if you knew there was a deadline to ask for one? There is no deadline now, we're just curious if that will cause an increase in requests. What do you think?