Homeowners hurt by COVID-19 can delay mortgage payments, but some say they're anxious and confused about the real cost

Wells Fargo offered Adams a 90-day deferment on his mortgage, which is backed by the U.S. Department of Veterans Affairs, but the 49-year-old was surprised when Wells Fargo told him he’d still owe three months' worth of payments – plus the current month – once that forbearance period was up. Adams declines to say what his payments are.

“The problem with the CARES Act is that it doesn’t make clear how borrowers pay back the money during a forbearance period,” says Shamus Roller, executive director at National Housing Law Project, a nonprofit legal advocacy center. "Consumers are confused as we try to figure out our relief options," Adams says."We're hearing from the president's office and other officials that there are forbearance and relief options, but that's actually only specific to certain mortgages.

The FHA provides a variety of options to lenders that they may offer to borrowers with FHA-insured mortgages. That way, borrowers can avoid foreclosure and having to make a lump sum payment on day 91, according to HUD. If you don’t have a federally backed mortgage, some loan servicers may have forbearance or deferment options for non-government-backed or private loans.

To receive forbearance through the CARES Act, you must contact your loan servicer. There won’t be any additional fees, penalties or interest added to your account through this deferment, but regular interest will still accrue, Kraninger says.

3 to 6 months intervals is Insane. If their mortgage is $3,500, having to tackle $1,700 to your payment it’s not going to be easy. Just let them pay an extra 3 months at the end of the 30 years.

You still have to pay it just goes to the end of your mortgage, it's a good thing for people who are struggling it gives them a little breathing room

what about the unnatural hiv insertions in covid

Yeah forbearance for 3 months..but after pay 4 months all at once..apparently we are all going to make s shit pot full of money right away...oh wait..we can ask/beg for loan adjustment..good luck..wtf

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