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2020 has been a difficult year for homeowners. The financial issues caused by the coronavirus pandemic have made it very difficult to keep up with regular mortgage payments. While many lenders are offering plans for relief and deferment, you’re still responsible for paying your full mortgage at the end of the grace period. Many people are anxious that they might see their homes foreclosed upon because they don’t have the income to make their payments.


At the beginning of the pandemic, a foreclosure moratorium was offered by Fannie Mae and Freddie Mac. Initially, the moratorium was supposed to end on August 31, but recently it’s been announced that the relief will continue through the rest of 2020.


Mortgage relief options are available from nearly every lender. But instead of offering these options immediately, you have to call the lender yourself and ask for them.


The CARES Act, the massive coronavirus stimulus package to boost the economy, has stipulations regarding mortgages. If you have a financial hardship caused by the pandemic, this stipulation lets you ask to have your monthly mortgage payments paused or reduced.


The moratorium applies explicitly to people whose mortgages are enterprise-backed. That makes over 28 million homeowners. Millions have taken advantage of the forbearance throughout the US.


One concern that people had was about how the missed mortgage payments would need to be repaid. The initial setup seemed to indicate that you’d need to pay all of your owed income as soon as the deferment was over. But a more reasonable offer has been made to let you add up to a full year of missed months to the end of the loan instead.


The monthly mortgage payments won’t change when it’s time to pay the lender back. But if you do decide to refinance or move from your property, you’ll be required to pay your missed mortgage sums in full. That also includes interest and other fees.


You might be stressed about how to pay the money back. But as a temporary solution, this is the best option for people who are struggling. It allows you to keep a roof over your head and avoid incurring horrible late fees.


Some lenders may also let you use a repayment plan, paying higher monthly payments until the skipped months are paid off.