If you are experiencing a hardship such as job loss, income reduction, or sickness due to COVID-19 and you are no longer able to make your mortgage payment, your mortgage servicer is available to help with mortgage relief options, including:
- Payment relief through a forbearance plan offers a reduction or suspension of your mortgage payments for up to 12 months, offered in increments of up to six months
- Late fee relief during your forbearance plan period
- Repayment options following your forbearance, including a repayment plan to catch up gradually or a permanent loan modification that aims to maintain or reduce your monthly payment
Additionally, foreclosure and eviction relief may be available through the federal CARES Act signed into law on Friday, March 27, 2020.
Contact your mortgage servicer: If you’re concerned about your mortgage payments, take the first step and call your mortgage servicer—that’s the company listed on your monthly statement— to request help. Have your financial information handy when you call and note that many servicers are experiencing increased call volumes and hold times due to COVID-19.