Call your mortgage company immediately to notify them of your problems. They understand that times are changing and may be able to work with you. The sooner the better.
- Talk to your lender, contact a HUD-approved housing counseling agency, which is free service.
- Get assistance on FHA-insured loans by contacting HUD’s National Servicing Center at (877) 622-8525
- There are numerous programs that assist homeowners who are at risk of foreclosure and/or struggling with their monthly mortgage payments. You can learn about these at HUD.gov.
- Fannie-Mae COVID-19 Relief
- Payment relief through a forbearance plan offers a reduction or suspension of your mortgage payments for up to 12 months, offered in increments of up to 6 months
- Late fee relief during your forbearance plan period
- Repayment options following your forbearance, including a repayment plan to catch up gradually or a permanent loan modification that will maintain or reduce your monthly payment
- Freddy-MAC Relief
- 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.
- If you have a small business impacted by COVID-19 there is a new loan program now available through the Small Business Association. They can be reached at 800-827-5722.