RICHMOND, Va. (WWBT) - If you’re having trouble paying your mortgage because of the coronavirus there are things you can do to help.
If you’re facing reduced pay or unemployment due to quarantines, shutdowns or illness-- and can’t pay your mortgage... listen up.
Our partners at the financial website NerdWallet say first verify the type of mortgage you have. That may determine what type of assistance is available to you.
Forbearance may be an option. It lets you make a reduced payment or no payment at all for a set amount of time.
The CARES Act requires lenders to offer borrowers up to 180 days' forbearance.
And there are many more options available under the ACT.
No matter what type of loan you have, contact your lender directly if you are worried about paying your mortgage.
But also know, the volume of calls right now is unprecedented. Have patience and look up the website to find the best customer service number.
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