Do I have to pay the entire amount in January 2021?
Date: Wed, 08/12/2020 - 18:37
Have a few questions for you all. I understand that government and credit card companies are doing a lot for us during the pandemic. They have allowed us to skip payments for so many months. But I have a question. Do I need to pay the entire deficit amount in one month? Suppose, the forbearance is lifted in December 2020. Does that mean we have to pay the total amount we missed in the last 7-8 months in January 2021 together with the interest rate. I mean that would be a huge amount.
About mortgage forbearance,
About mortgage forbearance, you can repay the amount in a lump sum. But, if you can't, the government agencies have issued some guidance about to the mortgage servicers about repayment plans if a borrower can't repay the amount at once. You can contact your mortgage servicer to work out a suitable repayment plan.