5.0  on Google
Get Pre-Approved

How To Get Emergency Mortgage Payment Relief

Certified Mortgage Advisor
NMLS 1701021
Published 
March 21, 2020

Mortgage relief from Freddie Mae and Freddie Mac

The government just recently came out and said that Fannie Mae and Freddie Mac are gonna offer a mortgage relief on the mortgage payments up to 12 months here. So basically what they said is if you have a income loss or a job loss because of this virus, then you can contact your loan servicer to have your mortgage payments put in forbearance.

So since Fannie Mae and Freddie Mac are doing this covers, half of the mortgages in the US and most likely the rest of the mortgage industry is going to follow suit with that with portfolio loans and any other type of non GSE loans.

Here's what you need to do

If you're feeling like getting those payments is going to be a struggle contact your servicer. You can't just not make the payment. That's going to create some headache in the future.

Contact your servicer

Contact your mortgage servicer, let them know you have some hardship. What you'll do is you'll verbally confirm that you have hardship. Most likely you're not gonna have to document anything. Then there'll be able to work out a plan with you on how long that forbearance needs to last.

Not free money, you still need to pay it

Now, something to note, this isn't free money and it's not going to be just forgiven and go away. Most likely what's going to end up happening is those skipped payments are going to be added onto the end of the loan and it's possible they could be charged with interest on them. So it's something to be mindful of, but it's a lot better than not being able to make that payment.

NPR Article

There's also an NPR Article, you can read into that a little bit more. Then I'll keep you updated if we see any more programs coming out and if they're going to offer some relief here.

Ask us a question →
Kyle Andrew Seagraves is Federal Mortgage Loan Originator (NMLS 1701021) licensed in all 50 states with the Dan Frio Team at Allied First Bank (NMLS 203463), an Equal Housing Lender. Separately, Kyle owns Win The House You Love LLC, an education company. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This website is only for educational usage. All calculations should be verified independently. This website is not an offer to lend and should not directly be used to make decisions on home offers, purchasing decisions, nor loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, nor real estate advice. Seek counsel from a licensed real estate agent, loan originator, financial planner, accountant, and/or attorney for real estate, legal, and/or financial advice.

Allied First Bank is not affiliated with the VA, FHA or any other government agency. This site has not been approved by any government agency.
Loan Production Office

Dan Frio Team
1601 N Bond St Suite 316
Naperville IL 60563

(844) 775-5626
dan@therateupdate.com
NMLS 246527
Win The House You Love Office

** No in-person appointments

Win The House You Love
8900 N Dixie
Dayton, OH 45414

kyle@winthehouseyoulove.com
NMLS 1701021
Powered by:
Allied First Bank Office

Allied First Bank, S.B.
3201 Orchard Rd
Oswego, IL 60543

NMLS 203463
FDIC Certificate # 55130