Most homeowners are protected under federal law from foreclosure and can temporarily pause or reduce their mortgage payments if they’re struggling financially.
You’re protected if your mortgage is backed by Fannie Mae, Freddie Mac, HUD/FHA, VA, or USDA.
Relief for Fannie Mae, Freddie Mac, and federally backed mortgages
There are two protections for homeowners with mortgages backed by Fannie Mae, Freddie Mac, or the federal government: COVID hardship mortgage forbearance and a temporary halt to foreclosures.
These protections were originally made available to eligible homeowners under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and have since been expanded to provide additional assistance to homeowners through guidance from federal agencies, Fannie Mae, and Freddie Mac.
You still may have relief options through your mortgage loan servicer or from your state, even if your loan is not insured, guaranteed, owned, or backed by Fannie Mae, Freddie Mac, or the federal government.
Check out the CFPB’s website to see if you are eligible for mortgage forbearance or relief, and how to find a Housing Counselor near you.