Homeowners who have lost income or jobs because of the coronavirus outbreak may be eligible to have their mortgage payments reduced or suspended for up to 12 months.
Relief is being offered to those with mortgages guaranteed by Fannie Mae and Freddie Mac, which are about half of the nation’s home loans. Fannie and Freddie are also telling lenders to halt foreclosures. Renters are not affected by these regulations.
Chris Mayer, a real estate economist at Columbia University’s business school, cautions that in order to participate, you must enroll in a relief program. “Don’t just miss payments and ignore the problem. You need to reach out to your servicer. Tell them that you’re having problems associated with coronavirus or your job and ask them to be put into a forbearance program.”