Covid-19 Crisis - Take Forbearance or Spend Reserves?

[Steve Q.]

Looking likely that many lenders are going to offer Mortgage Forbearance such as reducing payments for a few months or suspending payments for a few months. Landlords may lose some rent or need to allow delayed rent payments.  It's my understanding that this forbearance is not free money - rather, you will either extend the mortgage longer at the end, or catch up with increased payments on a payment plan after the crises resolves.  

And interest would still accrue during the forbearance, so when you return to making payments, the first few might be all interest to catch up there.  So you get out of payments for some months, but stop paying down the principle and probably pay more interest overall. 

So assuming you have the recommended healthy reserves that can cover six months of payments, and mostly stable renters, what's the strategy?  

1.) Skip some mortgage payments and take on more interest and/or time for the loan? 

 2.) Spend down your reserves for a bit if rent is lost/delayed, and stay on track with your mortgage sched - keep knocking down that principle?

Obviously circumstances will vary, but is there an overall financial strategy to one or the other?

[Kirk R.]

I want as much cash available to me.  Hopefully CV passes in a month.  What if we go into great depression that lasts 18 months?

In couple months we should have alot more info.  If you defer the payments, you can always pay down your loan.  if you don't defer they won't let you take back your money.