Accessibility Statement Skip Navigation
  • Why PRWeb
  • How It Works
  • Who Uses It
  • Pricing
  • Login
  • GDPR
  • Create a Free Account
Return to PRWeb homepage
  • News
  • Resources
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
  • Business & Money
      • Auto & Transportation

      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Hamburger menu
  • Cision PRWeb provides efficient communication tools to continuously engage with target audiences across multiple online channels
  • Create a Free Account
    • ALL CONTACT INFO
    • Contact Us


      11AM ET Sunday – 8PM ET Friday

  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR
  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR
  • Send a Release
  • Sign up
  • Log in
  • Resources
  • RSS
  • GDPR

CARES Act Forbearance: Mortgage Impacts

What benefits are available for your mortgage under the CARES Act? The Law Office of Michael A Ziegler: Debt Fighters gives the details to know your rights.


News provided by

Law Office of Michael A Ziegler, PL: Debt Fighters

Sep 28, 2020, 10:00 ET

Share this article

Share toX

Share this article

Share toX


TAMPA, Fla., Sept. 28, 2020 /PRNewswire-PRWeb/ -- The COVID-19 pandemic has changed everything—the way we interact with the world, the way we work, and the way we spend our free time (glad sports are back!). Just like everything else, the pandemic has had a huge impact on people's finances. That impact has cause folks to not make their mortgage payments. CNBC reported that 32% of U.S. households missed their July housing payments, which is a "historically high" number.

To alleviate the historically high lapse in mortgage payments, the CARES Act has put in place protections for people who have government-backed mortgages. How do you know if your mortgage is government-backed? One of the easiest ways is to ask your mortgage servicer if any of the following entities back your mortgage:

The CARES Act protections are not automatic

Post this
  • Federal Housing Administration ("FHA")
  • Veterans Affairs ("VA")
  • U.S. Department of Agriculture ("USDA")
  • Fannie Mae
  • Freddie Mac

If you have one of those government-backed mortgages, the CARES Act allows you to temporarily suspend payments if you are experiencing financial difficulty due to the impact of coronavirus. Those protections include:

  • You have the right to request forbearance of up to 180 days.
  • You have the right to request an extension for another 180 days.
  • No additional fees, penalties, or interest can be added to your mortgage account during the forbearance. Regular interest will still accrue.
  • If your mortgage was current when the CARES Act forbearance is granted, your mortgage servicer is required to report your account during the forbearance period to the Credit Reporting Agencies.

The CARES Act protections are not automatic. To trigger the CARES Act protections, there's a few steps to complete:
1. Contact your mortgage servicer to request the forbearance.
2. Tell your servicer that you are experiencing pandemic-related hardship.

And that's it! You can find contact information for your mortgage servicer on your monthly mortgage statement. Ideally, you will want to use your servicer's website or email as a primary method of communication since servicers are facing a high volume of requests. Other than contacting your mortgage servicer to notify them of your pandemic-related hardship, no further paperwork or information is required to trigger the CARES Act protections.

A few things to remember regarding CARES Act government-backed mortgage forbearances:

  • Forbearance does not mean forgiveness.
  • The missed payments must be repaid, although they may be paid back over time.

Once the forbearance period is over, your repayment options will differ based on what type of mortgage loan you have. A few examples of government-backed repayment options after the forbearance ends are below:

  • FHA Mortgages: No lump sum repayment is due at the end of the forbearance. FHA has developed the COVID-19 Standalone Partial Claim to assist with repayment, which you may qualify for. Even if your mortgage does not qualify for that option, FHA offers other tools to help you repay the missed payments over time.
  • VA Mortgages: No lump sum repayment is due at the end of the forbearance. VA offers loss mitigation options that can assist Veteran borrows that must repay amounts subject to the forbearance.
  • USDA: Rural Housing Service Guaranteed Loan Mortgages do not require a lump sum payment at the end of the forbearance. USDA also offers loss mitigation options that can assist borrowers after their forbearance ends.

What about if you don't have a government-backed mortgage? In that case, the CARES Act protections are not available. The Consumer Financial Protection Bureau recommends that you still contact your servicer to discuss options for suspension or reduction of your mortgage payments. If you are approved to move forward with a non-government-backed mortgage forbearance plan, confirm how you'll be required to pay the amount owed after the forbearance period by asking the following recommended questions:

  • Will I owe the entire unpaid amount in a lump sum once the pause period has ended? Or at the end of the loan term?
  • Can the loan term be extended so missed payments are added to the end of the mortgage?
  • Will subsequent monthly payments be higher for a period of time to make up for the deferred amount?

Such recommended questions can help you make the right decision about how to work with your mortgage servicer during pandemic-related hardships. The CFPB's website also has information and links on mortgage relief options that can help you determine if other relief is available.

Finally, be on the lookout for scams that are trying to take advantage of consumers whose finances have been affected by the pandemic. Make sure that you are working directly with your mortgage servicer for any mortgage forbearance options. No one else has the ability to approve a forbearance, so don't trust any companies that tell you they can work with your mortgage servicer on your behalf.

If your government-backed mortgage servicer isn't handling your mortgage payments properly under the CARES Act, you may be entitled to seek legal assistance to help get you there. Please contact the Law Office of Michael A. Ziegler, P.L.: Debt Fighters at (727) 538-4188 or by visiting their website at: https://attorneydebtfighters.com/.

SOURCE Law Office of Michael A Ziegler, PL: Debt Fighters

Related Links

https://attorneydebtfighters.com/

Modal title

Contact PRWeb

  • 11AM ET Sunday – 8PM ET Friday
  • Contact Us

About PRWeb

  • About PRWeb
  • Partners
  • Partnership Programs
  • Editorial Guidelines
  • Resources

Why PRWeb

  • Why PRWeb
  • How It Works
  • Who Uses It
  • Pricing

Accounts

  • Create a Free Account
  • Log in
  • Contact Us

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Legal
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 Cision US Inc.