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Federal Mortgage Forbearance During COVID-19 - The Credit Pros
Manage episode 443727375 series 3576016
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The CARES Act provides mortgage forbearance for federally-backed mortgages due to COVID-19, allowing a six-month pause on payments without foreclosure. Borrowers need to request this forbearance and declare financial hardship, which may require minimal proof. Federally-backed mortgages can be checked through Fannie Mae or Freddie Mac websites. Unemployment relief may help cover mortgage costs. Private servicers may offer similar relief but without government support. Refinancing options are also available for consideration.
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