Housing Resources During COVID-19
Mortgage Payment Deferrals
Homeowners who are facing a temporary hardship due to the coronavirus, such as businesses shutting down, have options to postpone mortgage payments according to the Federal Housing Finance Agency.
What does forbearance mean? Forbearance is when your mortgage servicer or lender allows you to temporarily pay your mortgage at a lower payment or pause paying your mortgage. You will have to pay the payment reduction or the paused payments back later.
Some things to know:
Forbearance is not a “one size fits all”
Forbearance can depend on your loan type
Forbearance does not mean forgiveness
Your loan institution will determine if your loan is due all at once at the end of a forbearance, if the bank can put a lien on your home, or if you can add extra $$ onto your normal mortgage payments when the forbearance is over to make up the missed payments.
Contact Your Mortgage Servicer: Before you fill out any paperwork, online applications or move forward with a loan forbearance call and speak with your mortgage servicer—that's the company listed on your monthly statement— to request help. Have your financial information when you call and know that many servicers are experiencing increased call volumes and hold times due to COVID-19.
Foreclosures and evictions suspended
The U.S. Department of Housing and Urban Development (HUD) has authorized the FHA to implement an immediate foreclosure and eviction moratorium for single family homeowners with FHA insured mortgages for the next 60 days.
The moratorium will apply only to homeowners with mortgages insured by the Federal Housing Administration, a HUD agency that backs home loans.
FHA Q&A form
FHA continues to run single family business operations. FHA has created a Q&A form available on their website to keep interested parties updated on their procedures during the COVID-19 crisis. Please refer to the HUD website for more information.