Americans struggling to pay their mortgages because they’ve lost a job or income during the coronavirus pandemic can put off that bill for up to a year due to the CARES Act.
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But while the economic measures should be creating a feeling of relief, many borrowers have been left anxious because of confusing messages from the government and banks.
Some homeowners say Wells Fargo, Bank of America and Chase have told them they have to repay those postponed payments – known as forbearance – in a lump sum once three months are up. It’s an unexpected demand they fear could put them deeper in debt as millions are laid off and watching their retirement savings plunge with the stock market.
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