There may be help for those who need it. Fannie Mae and Freddie Mac are offering some options.
From Fannie Mae:
Mortgage Relief Help
If coronavirus has caused job loss, income reduction, sickness, or other issues, mortgage relief options are available for homeowners.
- Homeowners impacted by this national emergency are eligible for a mortgage forbearance plan to reduce or suspend their mortgage payments for up to 12 months
- Homeowners in a mortgage forbearance plan will not incur late fees
- Credit bureau reporting of past due payments of borrowers in a mortgage forbearance plan as a result of hardships attributable to this national emergency is suspended
- After forbearance, a servicer must work with the borrower on a permanent workout option to help maintain or reduce monthly payment amounts as necessary, including a loan modification
- Foreclosure sales and evictions of borrowers are suspended for 60 days
If your loan is owned by Freddie Mac (you can check HERE) see their website for additional information https://myhome.freddiemac.com/own/getting-help-disaster.html
If you are a homeowner experiencing financial hardship directly or indirectly related to Coronavirus (COVID-19) and your mortgage is owned by Freddie Mac, contact your loan servicer (the company listed on your mortgage statement) right away to discuss your options.
Whether you’re facing job loss, reduced income, illness or other issues that impact your ability to make your monthly mortgage payment, Freddie Mac is working to ensure you are protected. In fact, the company has directed your loan servicer to provide mortgage relief options that include:
- Ensuring payment relief by providing forbearance for up to 12 months
- Waiving assessments of penalties or late fees
- Halting all foreclosure sales and evictions of borrowers living in homes owned by the company until at least May 17, 2020
- Suspending reporting to credit bureaus of past due payments of borrowers who are in a forbearance plan as a result of hardships attributable to this national emergency
- Offering loan modification options to provide mortgage payment relief or keep those payments the same after the forbearance period
Borrowers are eligible for forbearance regardless of whether their property is owner occupied, a second home or an investment property.
If you are struggling to make your mortgage payments or believe you may fall behind on your payments soon, don’t wait – contact your loan servicer now. They’re here to help you.