To be eligible for any sort of coronavirus mortgage payment relief, you should have experienced a financial hardship resulting from the pandemic.
The most common hardship scenarios are:
- Reduction in work hours or wages
- Illness of a borrower/co-borrower or dependent family member
Your eligibility is specifically determined by your loan’s mortgage servicer, many of whom have prescribed specific programs for COVID-19 hardship-related payment relief.
Payment relief is not payment forgiveness, and you will be required to pay any deferred amounts at a future date.