Stop paying your mortgage?

I was looking at the CARES act. Apparently you can just quit paying your mortgage by putting it into forbearance for 180 days with no adverse credit impacts.

This applies to Federal guaranteed mortgages. The payments will ultimately have to be made up.

The best part? The mortgage servicer is not allowed to do any work to confirm you are having a real hardship.

It sounds like a really hot deal. I am thinking about calling my bank up and saying the word recession a few times even though I still have my job.

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Yes, check out the other thread about this very provision of the CARES act. Although it seems many lenders only allow forebearance for 90-days renewable 3 times for a total of a year, and then have to provide you with options to repay the missed payments, or extend the length of your mortgage by the amount of payments missed. Just make sure to follow up after the initial forebearance period they give you would be my advice.

I’d also double-check my credit report after the first missed payment to make sure they did not flag me as 30-day late.