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From the Consumer Financial Protection Bureau:
If you’re among those financially impacted by the coronavirus pandemic, you might be concerned about how to pay your mortgage or rent. Federal and state governments have announced plans to help struggling homeowners during this time. Read this to get information on what to do now, and what your options are for mortgage and rental relief.
Important things to know first
For many homeowners with mortgages, there’s help, but first assess your situation.
If you can pay your mortgage, pay your mortgage.
Don’t call your mortgage servicer if you aren’t facing an immediate issue. Mortgage servicers are getting a lot of calls and need to first help those who won’t be able to pay their mortgage. Check their website first for possible options.
If you can’t pay your mortgage, or can only pay a portion, contact your mortgage servicer immediately.
It may take a while to get a loan servicer on the phone. Loan servicers are experiencing a high call volume and may also be impacted by the pandemic. Please be sure to read this blog carefully so you are prepared for this conversation.
A new federal law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, puts in place two protections for homeowners with federally backed mortgages:
A foreclosure moratorium
A right to forbearance for homeowners who are experiencing a financial hardship due to the COVID-19 emergency
If you don’t have a federally backed mortgage, you still may have relief options through your mortgage servicer or from your state.
Keep reading as we’ll first explain what the different options mean. Then we’ll explain how you can figure out if your lender or servicer can offer you any of the forms of assistance available.
The CPFB blog includes information to help you understand:
What options do you qualify for?
Your mortgage relief options depend on who owns or backs your mortgage.
First, figure out who services your mortgage. This is who you need to contact.
HOW TO REQUEST FORBEARANCE OR OTHER MORTGAGE RELIEF
Call your servicer.
It may take a while to get a loan servicer on the phone. Loan servicers are experiencing a high call volume and may also be impacted by the pandemic.
Have your account number handy.
Click here for questions to ask and information to have ready for your call.
Your mortgage servicer is the company that you send your mortgage payments to each month.
If you don’t know or can’t remember who currently services your mortgage, there are several ways to find out, including looking at your mortgage statement for contact information.
Click here to find out who owns or services your mortgage.
Keep reading on the Consumer Financial Protection Bureau blog.
