As measures are considered to help alleviate the financial burdens many may experience as a result of the coronavirus pandemic, mortgage payments are also getting some attention.
While there haven't been any nationwide measures implemented to offer mortgage relief, guidance came out last week to remind people of their options.
The Federal Housing Finance Agency, which oversees Fannie Mae, Freddie Mac, and other federal mortgage loan servicers, released a statement that hardship forbearances may provide recourse for mortgagees unable to make their monthly payments. Mortgage forbearance is when a lender allows borrowers to temporarily pay their mortgage at a lower rate or pause payments altogether.
Freddie Mac also released guidance to loan servicers to remind them that the impacts of the coronavirus pandemic are applicable to forbearance hardship standards.
This article originally published at https://dc.urbanturf.com/articles/blog/coronavirus-impacts-could-allow-applications-for-mortgage-relief/16593.
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