JSMedia – As the COVID-19 pandemic continues to ravage the United States, many mortgage lenders are providing assistance to homeowners affected by the virus. Federal agencies and private companies have created guidelines for assistance to borrowers who are suffering due to the outbreak. Foreclosures on federally backed loans are halted, and some lenders have temporarily waived foreclosure procedures. However, mortgage payments must still be made each month.
Fannie Mae and Freddie Mac are among the mortgage lenders that have been extending assistance to those affected by the virus. These organizations have announced that borrowers who have been impacted by the epidemic will not be evicted if they cannot make their loan payments for 90 days. Depending on the type of property that you own, you may qualify for forbearance. Whether you own a home or are renting, you should find out if you qualify for forbearance under these two government-backed agencies.
Fannie Mae and Freddie Mac are among the mortgage lenders that have offered help to borrowers affected by the coronavirus. Until further notice, you can seek mortgage modifications and evictions suspension from your lender. If you own a Fannie Mae or Freddie Mac loan, you should contact the servicer for further information on available assistance. If you do not own a financed home, you may still qualify for a forbearance.
Mortgage Lenders Offer Help to Coronavirus Victims
Despite the government’s guidance, mortgages owned by non-government companies and private institutions can be renegotiated to accommodate these situations. The federal government has also encouraged lenders to offer assistance to borrowers facing hardship. You can contact your lender if you need help in paying your mortgage payments. If your lender is unwilling to accommodate your request, you can turn to third-party sources of assistance. You can also contact the Consumer Financial Protection Bureau (CFPB) for assistance.
If you have a government-backed mortgage, you can contact the mortgage servicer. If your loan is not government-backed, contact the mortgage servicer directly to inquire about possible mortgage assistance for people affected by the coronavirus. You can request more information and apply for assistance through the state and local governments. It may be wise to talk to your lender to discuss your options. When you are able to do so, it’s a good sign.
Some mortgage servicers have offered assistance to borrowers with mortgages. Wells Fargo has extended deferrals and has suspended foreclosures. Chase Bank, on the other hand, has asked for people with these loans to call the bank and ask about the availability of the assistance they need. The company will provide more information as the virus becomes more widespread. Aside from a temporary suspension of foreclosures, you should also contact your servicer to inquire about the terms of such loans.
Most of the mortgage servicers have offered assistance to homeowners affected by the coronavirus. They offer home equity, which is the difference between the value of a house and the debt secured by it. This could be an option to consider in case of financial hardship, but it is important to discuss the specifics with your mortgage servicer before applying. The servicer may be able to help you.
In addition to offering assistance to homeowners, mortgage servicers are also offering mortgage payments to borrowers who were effected by the pandemic. In addition, if you missed any payments, you may qualify for a COVID-19 payment deferral option. This means that you can defer the missed amount until your loan matures. This is a useful option if you are unable to make your monthly mortgage payments.
The federal government is offering additional assistance to borrowers affected by the pandemic. These government programs will help homeowners pay their rent, or pay their student loans, if they have been impacted by the virus. For instance, the government is helping Americans apply for free food stamps, and the federal meal program has changed its rules to offer more assistance. Some landlords are even letting tenants who can’t afford to pay their rent get help from the government.