Your current forbearance options depend on what type of mortgage loan you have, and whether you’ve used a forbearance plan previously. The debt isn’t forgiven – you’ll have to make up the missed payments after forbearance ends – but this can provide some breathing room while you get back on your feet financially. Loan forbearance temporarily pauses your monthly mortgage payments while you’re going through financial hardship. If you find yourself in need of financial assistance, current options include: Mortgage forbearance Many of these assistance programs have been extended into 2021 to help those who are still struggling financially. To help borrowers struggling with mortgage payments due to unemployment or illness, Congress enacted certain mortgage stimulus programs as part of the CARES Act. Homeowners who have experienced financial hardship during the pandemic have a few options for mortgage relief. Those savings could put some cushion back in your budget and seriously improve your personal finances.Ĭongress mortgage relief programs (Covid-19 mortgage relief) And with rates still near record lows, many borrowers can easily save hundreds every month.

Homeowners might be surprised at the amount of equity they’ve gained in today’s hot housing market.

Select programs, like the government–backed Streamline Refinance, can help borrowers refinance with little, no, or negative home equity.Įven if you don’t think you’d qualify for a refinance, it’s worth talking to a lender. What’s more, not everyone needs great credit or perfect finances to qualify for a refinance. Many homeowners are eligible but don’t know it yet. Thanks to rising home values, even homeowners who made a very small down payment or refinanced recently could be eligible for today’s low–interest rates.Įven if you don’t think you’d qualify for a refinance, it’s worth talking to a lender. The simple solution is to refinance into a lower interest rate and cheaper mortgage payment. If you’ve had a temporary job loss or reduction in income, it can be hard to keep up with mortgage payments – especially if you have an above–market mortgage rate that’s keeping your payments artificially high. And with a wide variety of refi programs available, even those with little or no equity might qualify for a lower rate and cheaper monthly payment. Millions of homeowners are still refinance eligible. With Covid–era relief efforts winding down, some Congress mortgage stimulus programs are coming to a close.įortunately, homeowners struggling with their mortgage payments are not out of options. Septem13 min read Is there a Congress mortgage stimulus program?