There are two options that can occur when banks require you to re-start paying your mortgage payment.
The first option, if acted upon, will cripple the housing industry as well as the U.S. Economy. There is talk that banks will require homeowners to repay all of their missed mortgage payments (during COVID-19) over an extended period of time post COVID-19. The catch is these payment will be over and above your original mortgage payment which will cause hardships for many Americans. With unemployment at record highs this would be catastrophic resulting in millions of foreclosures, short sales and/or mortgage modification applications. Though there is talk of this scenario lets hope the banks and the U.S Government realize the grave consequences and hardships many homeowners would face. If the banks and U.S. Government do realize the negative effects this scenario would cause then they will have no choice but to institute option #2.
Option #2 is would be a deferment of all missed mortgage payments. Simply put the banks would place all of the missed mortgage payments on the back end of the mortgage and extend the term of the mortgage. This is the only option that makes sense as COVID-19 will have lasting effects on the U.S economy. In fact, most people will not even be able to pay the original mortgage amounts from the pre-COVID-19 pandemic. This will be due to the high unemployment rate as well as homeowners having to catch up other debt they incurred during the COVID-19 pandemic.
Even if the banks and government opt for option #2 it will still be a struggle for many homeowners to re-start paying their original monthly mortgage payment. For this reason, we will see a surge in new mortgage modification applications.