Posts from April 29th, 2020

Don't jump into mortgage forbearance without counting the cost.

Homeowners in Sun Country are struggling; furloughs, layoffs and business closings surround us. Our government is trying to help, bless their heart, but accepting Uncle Sam's offering of mortgage forbearance could leave us feeling all sorts of blue.

Let's back up.

In response to COVID-19's economic impact, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which includes a mortgage forbearance option for homeowners of up to 12 months. While this might initially seem a great option for relief, looking closely (and metaphorically), the cure could be worse than the disease.

Why?

The CARES Act does not provide mortgage forgiveness, only forbearance, a temporary postponement of p...

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