Experts offer advice to homeowners struggling to pay mortgage amid COVID-19 pandemic

SALISBURY, Md. – With many people losing their jobs or getting their hours at work reduced during this pandemic, many are also struggling to pay their mortgage. Experts say before you take the forbearance route, just know that interest will still accrue. This is why they say it’s important to figure out the best plan of action that works for you to pay your loans when the time comes so you don’t risk losing your home.

“The questions they want to ask is, how are they going to have to repay that back? If you’ve not paid your payments for six months, are you going to owe a lump sum come that seventh month? Or are they potentially going to increase your payments to try to catch back up quicker? Or are they going to put that on to the end of the loan which could mean a couple of different things as well,” said Area Manager for McLean Mortgage, Shawn Hunt.

Hunt adds that if you have any questions about your mortgage or about forbearance, you can contact McLean Mortgage in Salisbury at 443-783-0910