The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains important mortgage protection provisions for federally backed mortgages. Federally backed mortgages include FHA loans, VA loans, USDA loans, and those that are owned or backed by Fannie Mae and Freddie Mac. The law provides for a 60-day foreclosure moratorium (March 18-May 17, 2020) and provides a right to mortgage forbearance for homeowners who are experiencing financial hardship due to the COVID-19 pandemic.
While the CARES Act does not require non-government backed lenders and servicers to provide relief, regulators believe that most will also adopt similar policies. To find out, contact your loan servicer and ask what programs they are implementing to help homeowners impacted by the coronavirus outbreak. Your state may also offer additional mortgage protection programs.
An important government resource website for consumers is the Consumer Financial Protection Bureau. The coronavirus section of their website includes frequent mortgage relief news and updates. https://www.consumerfinance.gov/coronavirus
For detailed information on what the CARES Act means for you and your mortgage, please see attached fact sheet.
One of the most important steps you can take today to protect your mortgage is to gather and organize your documents. Collecting any relevant paperwork is key to protecting your home and maintaining a detailed paper trail. A list of all of the documents you should collect and organize is attached.
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