HOUSTON – Millions of Americans are out of work and not able to pay their mortgage right now. Before you take them up on this offer and skip a payment or a few, hold up. You should know that skipping just one payment could do more damage in the long run. “It's what they're not telling you.”Baker said your credit report will have the word “forbearance” on it, a kind of scarlet letter. “The minute someone opts not to make a payment or two or three, immediately- their credit report is branded with the word 'forbearance,’" she explained.

HOUSTON – Many homeowners that are having a hard time paying their mortgage during this pandemic can ask their mortgage company for help. But Consumer Reports researchers said many mortgage companies were giving homeowners who called inaccurate information. There are four options homeowners and mortgage companies can choose to repay those skipped payments back when the homeowner gets back on their feet. You can find out if you have a federally-backed mortgage, by using Fannie Mae’s look-up tool or calling 800-232-6643. If your mortgage is federally backed, and you need help, call your mortgage company back and ask for it.