Consumer Resources for Dealing with COVID-19’s Economic Impact
The economic impact of this unprecedented situation is causing many families and individuals to be concerned about their ability to remain in their homes. The Department of Housing and Urban Development on March 18 announced that it would suspend foreclosures and evictions for mortgages insured by the Federal Housing Administration through the end of April.
Fannie Mae and Freddie Mac also said that they would suspend all foreclosures and evictions for at least 60 days for home owners with mortgages backed by the two government-sponsored enterprises. Fannie Mae and Freddie Mac also announced they would allow borrowers impacted by the coronavirus to suspend mortgage payments for up to 12 months.
Borrowers impacted by the coronavirus are encouraged to contact their mortgage service providers to discuss mortgage assistance and relief options.