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Can't pay the mortgage?

If you have a mortgage loan backed by Freddie or Fannie, you should be able to defer payment for up to 12 months. If your loan is through a different bank, most are still offering a repayment deferral program ranging from 90--120 days. In most cases, interest would still accrue during deferment and the deferred principal would be added to the term of the loan, so that it would be extended. If you are in this situation, don't just stop sending payments assuming your lender will automatically defer. Doing so can hurt your credit and standing with your lender.

Be proactive and contact your lender ahead of your default date, and request payment deferral. The most important thing here is to communicate openly, create a plan for repayment, and stick to that plan to the best of your ability. Even if you are in a position to repay your loan, we recommend you take advantage of deferment plans, especially if cash flow is a concern. Having cash on hand in the months ahead will be extremely valuable, so hoard as much cash as you can right now.

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