How to Pause Mortgage Payments

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Today we’re going to talk about how to pause your mortgage payments.

The US has ordered for mortgage relief for up to 12 months. This is an evolving situation, here are some options currently available depending on your situation:

TALK TO YOUR LOAN SERVICER BEFORE YOUR PAYMENT IS DUE

Call your loan servicer. They will be able to tell you about the options that are available to you based on your situation. It is best to call well before your payment is due so you are able to give yourself more time to come up with a solution. Don’t be afraid to all multiple times until you are able to reach someone you can help

ASK ABOUT LOAN DEFERMENT

Federal regulators, through mortgage giants Fannie Mae and Freddie Mac, are ordering lenders to offer homeowners flexibility. This plan would defer your payments for two months, but you would still be required to make up the payments are the end of your loan term.

FORBEARANCE

Loan forbearance allows you to temporarily lower or pause loan payments for a longer period of time (like a year). Any paused payments will be due at the end of your loan term.

LOAN MODIFICATION

If you are worried about months in the future, working out a loan modification might make more sense for you.

This would change the terms of your loan in order to lower your payment. In this case, you would still be required to pay regularly, so it is best to be clear with your lender about how much you can afford.

A lot is changing, If you tried to get help from your lender are couldn't, check back in a week to see if you get a better answer.