Homeowners whose finances have been battered by coronavirus might want to think again before postponing their mortgage payments.
Congress has offered some relief to mortgage borrowers who are experiencing financial strain from the coronavirus pandemic, which has left a flood of layoffs in its wake.
This covers people who have federally backed mortgages, including loans owned by Fannie Mae or Freddie Mac.
States have also rolled out their own relief measures for borrowers whose mortgages aren’t backed by the federal government. New York, New Jersey and California are among the jurisdictions that are allowing homeowners to request a 90-day reprieve on their payments.
Borrowers aren’t being forgiven. Instead, the state and federal COVID-19 measures call for forbearance – the postponement or reduction of…