Many homeowners in Connecticut and Fairfield County are unable to make timely mortgage payments due to the current COVID-19 crisis. Pursuant to the CARES Act recently passed by Congress, most lenders are required to enter into forbearance arrangements with homeowners negatively affected by COVID-19 . Lenders cannot begin collection or foreclosure proceedings against homeowners in forbearance status for non-payment of mortgage loans. Forbearance is not loan forgiveness, but it does provide for deferral of payments otherwise due.  ZNC shareholder,  Robert A. Pacelli, Jr., recently appeared on the Facebook Live series, State of Market Monday, hosted by the Realty ONE Group., to discuss residential mortgage forbearance and the CARES Act, and its effect on the Connecticut residential real estate market. To learn more about who is eligible for the CARES Act forbearance programs and to determine if you can take advantage of the relief provided by the CARES Act, click on this link to view the presentation.
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