CARES Act: What is Mortgage Forbearance and What Do I Need to Know About It?
In 2020, as a result of the coronavirus, the US government introduced the CARES Act for federally backed mortgages. The CARES Act is a mortgage forbearance program that allows homeowners to pause their loan payments for up to 360 days during the pandemic.
2020 has been quite a year in the Bay Area. Between the threat of contracting COVID-19, pandemic-related job losses and business closures, and being forced into house arrest under the country’s strictest Stay at Home orders, some residents may feel as though they’ve been knocked around enough for a lifetime.