More than 3.4 million homeowners are temporarily skipping their mortgage payments because they've lost income during the pandemic. Under the CARES Act rescue package passed by Congress, affected homeowners can skip or delay payments for up to a year.
Jasmine's husband Frank Gullo works for the Long Island Rail Road, which cut back his hours. Even with Jasmine's unemployment money, the couple says they're still making thousands of dollars less a month. So they called up their lender, Freedom Mortgage.
"They told me, yes, you can skip three months' payments," Frank says. "But then they told me there was a balloon payment at the end of it." He was told after three months, they'd have to come up with all the money for those skipped payments. So they'd suddenly owe four months of mortgage payments all at once — $14,000.