Mortgage Payment Due? Some Options If You're Broke

Cisco Cotto
April 08, 2020 - 6:15 am
Mortgage Due

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CHICAGO (WBBM NEWSRADIO) -- It’s suddenly tough times for home owners who have lost their jobs. The mortgage bills, after all, keep coming. 

There could be some relief, under the CARES Act passed by Congress to help lessen COVID-19’s blow to the economy.

Rick Sharga, CEO of CJ Patrick Company in Orange County, California, says the measure allows home owners with federally backed mortgages to get a forbearance, or a delay in payments due. For those who qualify, they can get a six-month breather, but it’s not loan forgiveness, he stresses.

Financially distressed home owners should contact their mortgage servicer — the entity that sends mortgage bills — to see if their loan qualifies for the break. 

“Anybody who needs the help I would really really urge to take advantage of this program. It’s important to reach out before you’re delinquent,” Sharga tells Cisco Cotto on the latest edition of the WBBM In Depth podcast.

Sharga says mortgage-holders who can pay their bills should not try to gig the system because others out there really need the forbearance.