Suddenly out of work or making due with reduced paychecks, an estimated 4.1 million Americans have sought forbearance on their mortgage, according to data released Monday by the Mortgage Bankers Association.
That's a staggering number, and experts anticipate more homeowners will seek this protection as the economic impact of the coronavirus wears on.
A forbearance hits the pause button on mortgage payments. As part of its massive economic rescue package for the economy, Congress made it easier for homeowners to enter a forbearance plan and regain their financial footing.
Still, there are considerations for homeowners. Eventually the money must be paid, and homeowners with federally back loans have some advantages over those with private