Forbearance is not forgiveness... Busting 3 myths about not paying your mortgage

1. Your governor can't suspend your mortgage payments. While they can put a moratorium on evictions and foreclosures, they can't require a lender to stop collecting your mortgage. You need to make your payments as scheduled, or contact your servicer to make arrangements, called a forbearance agreement, or risk damaging your credit.

2. Forbearance is not deferment. The missed payments may be added to the end of the loan (this is deferment), or more often are required to be paid back in a payment plan or lump sum after payments resume (this is forbearance). You want to know your options for either case.

3. Forbearance is not guaranteed. Forbearance or deferment options depend on your servicer (the company that collects your monthly mortgage payment) as well as what kind of mortgage program you initially qualified for. There are specific guidelines that servicers must meet when granting forbearances, and you will likely have to submit proof and paperwork to make it happen.

During these difficult times, I'm here to help you with any of your mortgage related questions. Please, don't listen to the media, reach out to me directly for a private, secure conversation so I can help.