If you have a federal student loan, you were automatically put into forbearance. Other lenders, such as home mortgage providers, are letting people request a forbearance, but what does it mean?
More than 2.9 million homeowners have taken advantage of a program designed to provide relief to holders of government-backed mortgages, part of the coronavirus CARES Act relief package. This represents 5.5% of all active mortgages, according to Black Knight, a mortgage data and analytics company that is now tracking the growing numbers daily. The program allows borrowers to delay their…