As COVID-19 continues to spread and leave some community members out of jobs or income, the Federal Housing Administration (FHA) is taking steps to help borrowers who are struggling to make mortgage payments due to coronavirus. Hardship forbearance is an option for those who are unable to make their monthly mortgage payments.
Under the plan, people who have a loss of income can qualify to make reduced payments or be granted a complete pause in payments. Homeowners will still have to repay the money, but the FHA action will give a break to those who are facing financial hardship. You must contact your lender to set up a payment plan.