covid-19 PANDEMIC
MORTGAGE RELIEF
Coronavirus Pandemic
Mortgage Relief Programs
Homeowners can get help through the various mortgage relief programs that have emerged in the wake of the coronavirus (COVID-19) outbreak.
Understanding the recently passed Coronavirus Aid, Relief and Economic Security (CARES) Act, an economic stimulus bill, as well as help available at the state and lender level, is essential for homeowners and renters struggling to pay their housing expenses.
- Mortgage relief programs for those affected by the coronavirus outbreak
- Protections under the CARES Act
- Self-service mortgage Look up
- What happens if I can’t pay my mortgage?
- Additional mortgage relief for homeowners
MORTGAGE RELIEF PROGRAMS FOR THOSE AFFECTED BY THE CORONAVIRUS OUTBREAK
If you’re facing financial hardship because of the ongoing impacts of COVID-19 and can’t pay your mortgage, there may be some avenues to get help. Below are several mortgage relief programs offered at the federal, state and lender level.
Protections under the CARES Act
On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law. The $2 trillion economic stimulus bill enacts several consumer protections, including:
• A 60-day moratorium on new and in-process foreclosures, which started after March 18.• The right to request mortgage forbearance for up to 180 days and one extension for up to an additional 180 days.• A 120-day moratorium on evictions for tenants renting from a landlord with a federally backed mortgage, which started March 27.
These protections apply to borrowers with loans owned by Fannie Mae and Freddie Mac, as well as:
• FHA loans, which are backed by the Federal Housing Administration• VA loans, which are guaranteed by the U.S. Department of Veterans Affairs• USDA loans, which are insured by the U.S. Department of Agriculture
HOW TO FIND YOUR CURRENT LOAN SERVICER:
• A 60-day moratorium on new and in-process foreclosures, which started after March 18.• The right to request mortgage forbearance for up to 180 days and one extension for up to an additional 180 days.• A 120-day moratorium on evictions for tenants renting from a landlord with a federally backed mortgage, which started March 27.
These protections apply to borrowers with loans owned by Fannie Mae and Freddie Mac, as well as:
• FHA loans, which are backed by the Federal Housing Administration• VA loans, which are guaranteed by the U.S. Department of Veterans Affairs• USDA loans, which are insured by the U.S. Department of Agriculture
HOW TO FIND YOUR CURRENT LOAN SERVICER:
To understand the options available for getting help with your mortgage it's important for you to know who owns your loan.Using the secured look-up tool below, you can quickly find out if Fannie Mae, Freddie Mac, HUD or anyone else owns your loan.
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ADDITIONAL MORTGAGE RELIEF FOR HOMEOWNERS
Whether you’re having trouble now or may face difficulties later, keep these additional mortgage relief programs in mind.