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Can I stop making payments on mortgage loan?

Submitted by Torstlay on Tue, 07/21/2020 - 18:53

I have heard that I can stop making the monthly payments on my personal loan and credit cards for a few months. But, is it applicable for a mortgage loan too?
Can I stop making payments for the time being?

Hello Torstlay!

Yes! The rule is applicable for the mortgage loan too. Contact your mortgage lender and state your condition to the lender.

The firm will take care of the rest.

Submitted by Ryan Miller on Fri, 07/24/2020 - 03:39

Ryan Miller

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There are a few things that you need to understand. Mortgage lenders can't foreclose your property until 31s August 2020.Secondly, if you're facing financial hardship due to the pandemic, then you can ask lenders to offer you a forbearance program for 180 days. If your financial hardship doesn't revive after 180 days, then you can request to extend the program for another 180 days.So, you're getting 1 year time in your hand.And, yes. You won't have to pay additional fees and penalties for that.

Submitted by David Martin on Wed, 07/22/2020 - 00:03

David Martin

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Hi Torstlay! The CARES Act has not provided any relief for unsecured debts like personal loans, credit cards, etc. However, many creditors are offering repayment assistance to the consumers who are going through financial hardship due to this pandemic! So, if you need help with unsecured debts, you need to talk to your creditors and chalk out a repayment plan! But that doesn't necessarily mean that you can stop making payments for your personal loans and credit cards suddenly.
Secondly, if you have taken out a federally-backed mortgage, the CARES Act can be your savior. You can request a forbearance for 180 days. And if needed, you can request a forbearance for an additional 180 days. But if you have taken out a mortgage from private lender, you have to talk to your lender to explain your financial hardship and seek repayment assistance.

Submitted by Craigh.terry on Mon, 07/27/2020 - 03:44


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