Recently the Federal government announced mortgage relief options for mortgages backed by Fannie Mae, Freddie Mac or the Federal Housing Administration. These options include:
1) Payment forbearance for up to 12 months
2) Waiving penalties or late fees
3) Halting of foreclosures and evictions of borrowers until at least May 17, 2020
4) Suspending reporting to credit bureaus of past-due payments of borrowers in a forbearance plan
5) Offering loan modification options
It does not matter if the home is a primary residence or rental/investment property. If you don't know if your home loan is backed by any of the agencies, please follow the links below:
Fannie Mae: https://www.knowyouroptions.com/loanlookup
Freddie Mac: https://ww3.freddiemac.com/loanlookup/
FHA: Your home loan statement should specify or you can call your loan servicer.
California Governor Gavin Newsom also announced yesterday that JP Morgan Chase, Citi, US Bank, Wells Fargo and many other state-chartered credit unions and banks agreed to a 90-day forbearance or mortgage payments and a halt to foreclosures and reporting to credit bureaus of late payments. Bank of America has currently agreed to a 30-day forbearance.
If you feel as if you are impacted by the pandemic, its best to call your lender now to find out your options.
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