Mortgage Payment Options During COVID-19
Worried about paying your mortgage due to COVID-19 hardships?
Contact your servicer for options!
The recently passed legislation known as the CARES Act provides that certain mortgages will be eligible for “forbearance,” which is a temporary postponement of mortgage payments, upon request by a borrower due to a financial hardship resulting directly or indirectly from COVID-19. The mortgages that are eligible for forbearance are federally backed mortgage products insured or guaranteed by Fannie Mae, Freddie Mac, FHA, VA, or USDA, and those under HUD’s Native American or Native Hawaiian Home Loan Guarantee programs. However, because these types of loans do not become insured or guaranteed right at closing, these loans typically are not eligible for forbearance until months after closing.
At this time please reach out to your loan servicer directly for questions and options available to you.