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.
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 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.
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.
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.
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