The other day, we blogged about mortgage loan forbearance and the requirements under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) recently passed by the United States Senate. The CARES Act includes provisions on forbearance for federally backed mortgage loans. Recently, we have received questions from credit unions who do not hold federally backed mortgage loans, but would still like to offer a forbearance period. These credit unions have asked about what this should look like in practice and what strategies they may employ in creating mortgage loan modifications agreements.
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