THIS ARTICLE IS DIRECTLY FROM THE CONSUMER FINANACE GOVERNMENT WEBSITE
Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and guidance from federal agencies and the GSEs, there are two protections for homeowners with federally or GSE-backed (Fannie Mae or Freddie Mac) or funded mortgages:
First, for federally backed loans, your lender or loan servicer may not foreclose on you until after February 28, 2021. For loans backed by Fannie Mae or Freddie Mac, they cannot foreclose until after January 31, 2021.
Second, if you experience financial hardship due to the coronavirus pandemic, you have a right to request and obtain a forbearance for up to 180 days.
You also have the right to request and obtain an extension for up to another 180 days (for a total of up to 360 days). You must contact your loan servicer to request this forbearance. There will be no additional fees, penalties or additional interest (beyond scheduled amounts) added to your account. You do not need to submit additional documentation to qualify other than your claim to have a pandemic-related financial hardship. Some federally backed mortgages have a February 28, 2021 deadline for requesting an initial forbearance. If you are facing financial hardships, you should ask for forbearance immediately, so you don’t lose that right.
For more information about the CARES ACT , your mortgage, and COVID 19 please visit
http://www.consumerfinance.gov
IF YOU HAVE A CONVENTIONAL LOAN PLEASE VISIT THE CONSUMER FINANCE GOVERNMENT WEBSITE FOR SUGGESTIONS ABOUT YOUR CONVENTIONAL LOAN