Are you affected by the COVID-19 pandemic and your financial resources are running low? If you have a mortgage that is under a federal home refinance programs like Freddie Mac, Fannie Mae, or any Government Sponsored Enterprise funded or backed, you can find relief through the CARES, or Coronavirus Aid, Relief and Economic Security, Act. If your current situation is directly or indirectly caused by the COVID-19 pandemic, then you can request for mortgage relief and ask for a forbearance. Even if you have an FHA, USDA, or VA mortgage, you can talk to a federal home loan mortgage corporation to know the possible help you can get. Do not worry because according to the CARES Act, there will be no foreclosure of properties until at least December 31, 2020. It is also you right, as part of the forbearance package, to request for an extension of 180 days ON TOP of the original 180 days. You don’t need to worry about penalties, additional fees, or even additional interest as this is part of the guarantee of the program. Because of the CARES Act, you can request that you do not pay your mortgage momentarily but bear in mind that this does not mean that your mortgage is erased. This is just a temporary stop to your payments just until you can recover and get back up on your feet. When the time comes that you don’t need an extension, or even before your first 180 days is up, on your forbearance because you are able to pay your monthly mortgage obligations it is always advisable to talk to your loan officer on a resumption on your payments. We can help you look for a way to ease the burden on your federal home refinancing program, call us and we would be more than happy to help.
- Post published:September 11, 2020
- Post category:COVID-19