Real Estate

Covid mortgage relief is expiring. What to do if you still can’t pay

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Covid relief programs allowed millions of struggling Americans to pause mortgage payments, and many of those bailouts are now expiring, putting cash-strapped borrowers at risk.

“The maximum forbearance term was 18 months for most programs,” said Michael Fratantoni, chief economist of the Mortgage Bankers Association. “And many borrowers are reaching that point now.”     

While many are leaving forbearance programs by tacking those postponed payments onto the end of their loan repayment schedule, borrowers must resume payment to qualify, he said.

However, if homeowners still can’t make payments, they may have other options.  

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Source cnbc.com

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