Homeowners facing financial hardship may be eligible for a mortgage payment deferral of up to six months.
The deferral is an agreement between you and your lender. Typically, the agreement indicates that you and your lender have agreed to pause or suspend your mortgage payments for a certain amount of time. After the agreement ends, your mortgage payments return to normal and the deferred payments — including principal and accumulated interest – are added to the outstanding principal balance and subsequently repaid throughout the life of the mortgage.
To know if you are eligible for a mortgage payment deferral or to learn what options are available, contact your lender — your bank or your mortgage professional.