COVID-19 – Help for Homeowners and Renters

CORONAVIRUS ASSISTANCE INFORMATION

July 11, 2019 – the following is information from the Federal Housing Finance Agency.  FHFA is closely monitoring the coronavirus national emergency’s effect on the housing finance market and continues to update policies and guidance to ensure its regulated entities – Fannie Mae, Freddie Mac (the Enterprises), and the Federal Home Loan Banks (FHLBanks) – are fulfilling their mission of providing market liquidity during this difficult time.

I will post new information as I find more resources to assist homeowners and renters adversely impacted by COVID-19.

Help for Homeowners:

If your ability to pay your mortgage is impacted, and your loan is owned by Fannie Mae or Freddie Mac (use the “loan lookup” tools: https://www.knowyouroptions.com/loanlookup for Fannie Mae or https://ww3.freddiemac.com/loanlookup/ for Freddie Mac to find out), you may be eligible to delay making your monthly mortgage payments for a temporary period, during which:

• You won’t incur late fees.
• Foreclosure and other legal proceedings will be suspended.
• UPDATE: Federal foreclosure and eviction moratoriums have been extended until at least August 31, 2020 (as reported by Fannie Mae and Freddie Mac)

How to Apply for  Mortgage Assistance

Help For Renters

If you are a renter and live in a rental unit financed by Fannie Mae or Freddie Mac, you have access to their respective Disaster Response Networks. These networks offer support from HUD-approved housing counselors, such as a personalized recovery assessment and action plan, financial coaching and budgeting, and ongoing check-ins. Contact your property manager to see if you are eligible. Fannie Mae’s renter hotline number is 1-877-542-9723 and Freddie Mac’s renter hotline number is 1-800-404-3097.

Additional resources:

CONSUMER FINANCIAL PROTECTION BUREAU RELEASES VIDEO ON HOW MORTGAGE FORBEARANCE WORKS UNDER CARES ACT

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) has released a video on how struggling homeowners can obtain mortgage forbearance if their finances are impacted due to the COVID-19 pandemic.

VIDEO: CARES Act Mortgage Forbearance: What You Need to Know

Guide to coronavirus mortgage relief options

What you need to know about student loans and the coronavirus pandemic

Online and mobile banking tips for beginners

Consumers can also visit consumerfinance.gov/coronavirus for up-to-date information and resources to protect and manage their finances. 

Beware of Scams

During times of crisis, there is an increased risk of scams and fraud. Protect yourself by asking questions, reading the materials provided to you, and avoiding any solicitations requiring up-front cash payments. If you think you may have been a victim of a scam and your concerns with Fannie Mae, Freddie Mac, or a Federal Home Loan Bank involve fraud, please contact the FHFA Office of Inspector General (FHFA OIG) at 800-793-7724 or visit the FHFA OIG’s website.

Consumer Financial Protection Bureau:  Beware of scams related to the coronavirus

MUSINGS FROM DIANE:

This is a very scary time for everyone, especially those who live paycheck to paycheck.  One hiccup and they are behind on their rent or mortgage and facing eviction.  Throw in COVID-19 and the nightmare begins.  Afraid to go to work (assuming you can)?  You are not alone.  The government is trying to find ways to help everyone who needs it, but they are not equipped to deal with the millions who need assistance.  Existing programs are overwhelmed and at the point of breaking.  New programs are in the works, but it will take months (or years) before they are ready to offer the assistance that is really needed now (remember the mortgage workout programs that were developed years after the mortgage crisis).  There is no easy answer to this nightmare.  Everyone has to do their best and use their common sense.  Don’t fall for scams (there are and will be thousands. of not hundreds of thousands).  Don’t be afraid to ask for help.  Don’t take advice from those who have a reason to lie to you (like a politician who offers medical advice – he only wants to be reelected).  Be smart.