According to the CARE's Act, some of you may be eligible for forbearance. This is something that will be misunderstood by You, possibly.
You might think you do not have to make payments and it will be forgiven. Think about paying for something at a furniture store where it says "no payments for 3 months." You still have to pay it eventually. After the period of time, you, the borrower does not have to make payments, you will eventually have to catch up. It may not be all at once, but it will be spread out likely.
If borrowers get too deep in the hole, they could be putting the equity in their home at risk. The scary part is that the verification process to qualify for this is not great or thorough. This could cause issues if everyone tries to take advantage of the forbearance....
Please be an educated consumer. You are Smart and do what is best for your family and equity in your home. We are always here for you ...
Blessings during this time,
Kathy Colkitt and Team