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According to the Washington Post, the Coronavirus Aid, Relief, and Economic Security (Cares) Act indicates that mortgagees have the right to ask for an initial forbearance of up to 180 days with interest accruing, but with fees and penalties are waived.

Questions:

  1. What was actually happening when mortgagees contacted their mortgage companies for coronavirus relief?
  2. Based on this article, how many homeowners are in forbearance plans?
  3. Which groups are helping with accurate communications to homeowners in forbearance?

Source:

Singletary, M. (2020). Mortgage relief was offered, but at a high price. The Washington Post, May 18 (Retrievable online at https://www.washingtonpost.com/business/2020/05/18/mortgage-relief-was-offered-high-price/ )

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