Mortgage Relief Options

CARES Act

The federal law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, puts in place two protections for homeowners with federally backed mortgages:
  1. A foreclosure moratorium
  2. A right to forbearance for homeowners who are experiencing a financial hardship due to the COVID-19 emergency
What You Need To Know
According to Consumer Financial Protection Bureau, forbearance does not erase what you owe. You’ll have to repay any missed or reduced payments in the future. So, if you’re able to keep up with your payments, keep making them. The types of forbearance available vary by loan type.
 
 

FANNIE MAE AND FREDDIE MAC

Fannie Mae and Freddie Mac were created by Congress. They perform an important role in the nation’s housing finance system – to provide liquidity, stability and affordability to the mortgage market. They provide liquidity (ready access to funds on reasonable terms) to the thousands of banks, savings and loans, and mortgage companies that make loans to finance housing.
Federal Housing Finance Agency

Fannie Mae

Homeowners and renters across the country are experiencing the financial impacts of coronavirus, or COVID-19. If Fannie Mae owns your mortgage loan, or if you’re a tenant in a multifamily rental property financed by Fannie Mae, our relief options can help you feel safe at home.
Fannie Mae Loan Lookup

Freddie Mac

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.
Freddie Mac Loan Lookup