Mortgage and housing assistance during the coronavirus national emergency – help with foreclosure

Are you behind in your mortgage, and you’re concerned about how to pay your mortgage or rent due to the coronavirus national emergency? Read on for information on what to do now.  Learn what your options are for mortgage and housing assistance relief.

This post will discuss 3 options available to you if you are behind in your mortgage.

Steps to get relief:

Learn about your housing assistance options and which ones you may qualify for when you are behind in your mortgage

A federal law passed on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It puts in place protections for homeowners with mortgages; that are federally, or Government Sponsored Enterprise (GSE) backed or funded (FHA, VA, USDA, Fannie Mae, Freddie Mac).

First, figure out who services your mortgage.

Your mortgage servicer is the firm you send to each month for your mortgage payments. This is who you have to get in touch with.

There are many ways to find out if you don’t know or can’t remember who is actually servicing your mortgage. You can start by looking at your mortgage statement for contact information.

Second, see if your mortgage is federally or GSE-backed

Your mortgage must be federally insured, secured, owned, or otherwise backed or subsidized by one of the federal agencies. Fannie Mae or Freddie Mac (the GSEs) mentioned below, to be eligible for insurance under CARES the Act. Most mortgages are GSE-insured or federally insured.

You can call your servicer if you don’t know who ensures, guarantees owns or backs your mortgage. The servicer has a duty to send you the name, address, and telephone number of who owns or backs your loan. 

If your mortgage is federally backed or funded

Federal entities and GSEs (Fannie Mae and Freddie Mac) with federally backed mortgages are interested in this. These links will guide you to the coronavirus-related guidance offered by the agencies and organizations. You can utilize the “loan lookup” data available tool.

• options
  • See HUD COVID-19 resources 
  • View a video message  from HUD Deputy Secretary Brian Montgomery to homeowners with FHA-insured mortgages.
  • Federal Housing Administration (FHA) (Includes reverse mortgages)  Check if your single family loan is FHA insured by contacting the FHA Resource Center by phone at 1-800-CALL FHA, or via email at answers@hud.gov.
  • Office of Native American Programs (ONAP) Section 184/184A. Contact the ONAP by phone at (800) 561-5913, or via email at Section184@hud.gov.
• U. S. Department of Agriculture Rural Development (USDA) Direct or Guaranteed loans 
  • See USDA COVID-19 resources 
  • USDA Direct Loan borrowers can also call USDA directly at 800-414-1226
• U.S. Department of Veterans Affairs (VA) 
  • See Guidance for VA home loan borrowers during COVID-19 
  • If you’re nervous about contacting your servicer, or if you’d like VA’s help and advice, please contact a VA loan technician at 877-827-3702.
• Fannie Mae 
  • Check here to see if your loan is backed by Fannie Mae  or call 1-800-232-6643 and press “4” for homeowner
• Freddie Mac 
  • Check here to see if your loan is backed by Freddie Mac  or call 1-800-373-3343 and press “4” for homeowner.

If your mortgage is not backed or funded by one of these entities

If your loan not backed by one of the federal agencies or entities; the loan is not covered by the CARES Act. Contact your loan servicer to see what mortgage housing options are available to you if you are behind in your mortgage. You can find your servicer’s name on your mortgage statement or by searching the Mortgage Electronic Registration Systems (MERS)  website.

The CFPB and other financial regulators have encouraged financial institutions to work with borrowers; who are or may be unable to meet their obligations due to COVID-19.

Your servicer should help you identify alternatives that may be available to you given your specific circumstances.

Third, see if your state offers additional mortgage relief options.

Many states are implementing or considering various mortgage relief housing assistance options, including the suspension of foreclosures. Check your state’s government website for details  .

What to do next:

To request a relief option if you are behind in your mortgage, you’ll need to contact the company that services your mortgage. Learn what questions to ask and what materials to gather when you request mortgage relief.

This post was about your options if you are behind in your mortgage.

If you want help with connecting with your mortgage and housing servicer from a local realtor, complete the form below:

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