Have you suffered a loss of income during this Covid-19 pandemic?
If you have, you may qualify for a variety of programs being offered by Fannie Mae, Freddie Mac, Ginnie Mae (FHA), VA and USDA. Mainly government programs will and or have started participating in a program allowing payment relief.
Fannie/Freddie have announced (as long as you qualify) that you may be able to make reduced monthly mortgage payments or be given a relief up to 12 months of the mortgage payment.
You can also obtain full relief but the payments missed or put into forbearance (tacked onto the end of the term) in many cases may have to be paid back once the forbearance ends. That is still up in the air with how it will be handled and assuming it will be a case by case basis similar to what occurred back in 2008.
All it takes right now is a phone call to the company you make your payments to. You may experience long hold times but definitely reach out. Do not just stop making your mortgage payments!
*During these times like 2008, guidelines will and continue change on a daily basis. Lenders are pulling back on product offerings. What is true today may not be true tomorrow. Call us at 800-779-4547 if you have been impacted to see how we can help*