Here is a helpful video explaining how you can pause your mortgage payment during the Coronavirus pandemic.
Also included below is an article you can read on from the National Association of Realtors:
Question: I’ve lost my job or had my income reduced due to the social distancing required to battle COVID-19. What can I do to avoid falling behind on my mortgage?
Answer: Fannie Mae, Freddie Mac, and the federal agencies are offering forbearance on mortgages they back. Fannie Mae, Freddie Mac, FHA, and USDA Rural Housing are requiring lenders to approve six months forbearance for any borrower whose income has been adversely affected by COVID-19 and another six months forbearance is available but lender must approve for FHA borrowers. Lenders are to waive all late charges, fees, and penalties during the forbearance period.
Individuals must contact their servicers to request this forbearance, which freezes payments during the specified time period. There are no fees during and after the forbearance period, and requests can be made to have the missed payments extended onto your payment term. Forbearance can be applied to mortgages on single family properties that are owner-occupied, second home, and investor properties.
After the forbearance period, the GSEs will modify the loan so that you can afford your payments. You must bring missed escrow payments up to date within 5 years, but are eligible for an “extend mod” which adds the missed payments onto the end of your loan term. If you cannot make the pre-forbearance payments there are a number of other modifications that can be made. This document outlines Fannie Mae’s modification options and here is more information about the extend mod.
Some private banks are offering forbearance on loans that they hold which are not federally backed. Individuals should contact them directly to learn more about their programs. The CFPB has organized a primer and video on what consumers should look for when exploring forbearance or other relief options.