The COVID-19 (also known as “coronavirus”) situation has quickly changed our daily lives. George Mason Mortgage recognizes our entire country is dealing with constant uncertainty and some members of our community are experiencing hardships.
Mortgage Forbearance – provisions of the recently enacted CARES Act has been top-of-mind for hard working Americans that have lost their jobs due to the current pandemic. Forbearance can help consumers get back on their feet during short-term financial difficulty, but there are a few things you need to know and some important decisions you’ll need to make.
Things to know about Forbearance:
- May be an option if you are experiencing financial hardship due to COVID-19
- Pauses or reduces mortgage payments for a limited amount of time
- Does not erase what you owe
- Missed or reduced payments must be paid in the future
- Depending on the type of loan you have, there could be different forbearance options
For options specific to your situation, contact your mortgage servicer directly, their contact information can be found on your mortgage statement. For additional information regarding forbearance, view the video below by the Consumer Financial Protection Bureau (CFPB).
Contact your Loan Officer if you have any questions regarding purchasing a new home or refinancing your current home. By working remotely, we are able to provide the support our community needs.
George Mason Mortgage Company Update
We have taken proactive steps to ensure the safety and well-being of our employees, our families, our customers and our community partners. With digital and remote capabilities in place, we will continue closing loans and proceed with overall operations in a safe and efficient environment. We are confident our technology and system solutions will enable us to address your unique needs.
This unexpected change in our lives serves as a reminder that we are connected more now than ever before. We take pride in our commitment to service and our company values will remain at the forefront. Our CEO, Bill Landon, recently addressed this by stating, “We are going through an unbelievable time right now. As a company, community and a nation, we will get through this because we are in this together.”