Have you ever heard the word Forbearance?
Forbearance is when your mortgage servicer or lender allows you to temporarily pay your mortgage at a lower payment or pause paying your mortgage. You are not off the hook for the payment you will have to repay any missed payments, the payment reduction or the paused payments back later.
Mortgage forbearance can last one month, a few months or even up to 12 months, depending on your situation, your mortgage and what your lender allows.
Can having a Forbearance hurt your credit?
Here is the short answer. A lender can report a forbearance to the credit companies, but typically it will agree not to report any missed payments as long as you follow the terms you agreed to with the lender. The forbearance shouldn't affect your credit score and would certainly be less damaging than a late mortgage payment. But this is definitely a question to ask your lender or servicer when applying for a forbearance. Remember the only dumb question is the one you don't ask.
Stay safe everyone.