Government puts borrowers on 'honor system' for mortgage aid
The US government has stepped in to mitigate the coronavirus outbreak’s impact on the economy, which may otherwise leave millions unable to pay their mortgages. However, the government is putting borrowers on the honor system. The $2 trillion CARES Act, passed to stimulate the economy during the COVID-19 outbreak, allows borrowers affected by the outbreak to skip mortgage payments for up to a year, and then have those payments added on to the end of their loans.