While that seemed sufficient at the time, the pandemic and its economic fallout is dragging on far longer than had been expected, 's chief financial analyst Greg McBride says. Initially, the CARES Act provided for about a year of mortgage payment deferral for homeowners with federally backed loans.
You can also always ask your servicer or look at your loan documents.Īdditionally, the Consumer Financial Protection Bureau offers a Find a Counselor tool, which provides a list of counseling agencies that can help advise on loan terms, credit issues and foreclosure. If you're unsure who owns your loan, Fannie Mae and Freddie Mac offer loan lookup tools that can help you quickly determine if either of these major lenders owns your loan.
"The steps we are taking today will provide both immediate relief to those in desperate need of assistance and help more homeowners keep their homes and resume their payments when the pandemic subsides." "As President Biden has made clear, it is urgent that we help homeowners throughout the nation who are struggling financially from this unprecedented national emergency," Matthew Ammon, acting HUD secretary, said in a statement. Homeowners will need to request the extension every three months.
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