Borrowers who are unable to make their monthly mortgage payments due to COVID-19, also known as the coronavirus, have options to postpone payments, according to a new statement released by the Federal Housing Finance Agency. FHFA Director Mark Calabria reminded mortgage servicers this week to offer forbearance options to those who are affected as the virus continues its spread through the U.S.
Forbearance options are available not only to those sick from the virus but also owners who may be facing a temporary hardship from it, such as a borrower who is quarantined and unable to work.
