CONSUMERS MUST CONTACT THEIR MORTGAGE COMPANY OR
MORTGAGE SERVICING COMPANY TO CONFIRM ALL INFORMATION
To guide homeowners with federally backed loans through the process of obtaining mortgage relief, the Consumer Financial Protection Bureau (Bureau) and the Conference of State Bank Supervisors today released a Consumer Relief Guide with borrowers’ rights to mortgage payment forbearance and foreclosure protection under the federal CARES Act.
Kathleen L. Kraninger, CFPB Director: “CFPB is working hand-in hand with other federal and state regulators to protect consumers during this national emergency. CSBS has been a key partner as we all work together for consumers. This guide will help consumers to understand their options for mortgage relief during this challenging and unprecedented time.”
John W. Ryan, CSBS President and CEO: “State regulators are hearing from borrowers who are confused about mortgage relief, and, in some cases, getting inconsistent information about forbearance. And that’s why we’re partnering with the CFPB and Director Kraninger to release this guide for homeowners.
“Consumer protections and local economic health are the top priorities for state regulators, so they are helping citizens across the country access mortgage relief and understand their rights under the CARES Act.”
In addition to this guide , the Bureau has a centralized webpage with information on how consumers can protect their finances during the pandemic, and this week launched a joint housing website with other federal regulators. CSBS maintains a state tracker with useful consumer information on topics such as mortgage forbearance, modification of loan terms, stays on evictions, restrictions on overdraft fees and more plus some common COVID-19-related scams on the COVID-19 Consumer Resources webpage .
How to check if you have an FHA mortgage:
- Review your paperwork from closing or
- (If you were charged an upfront mortgage insurance premium, you have one).
Use the Freddie Mac and Fannie Mae lookup tools to see if one of the GSEs lays claim to your mortgage.
If you’re not sure who owns your loan, you can use the Freddie Mac and Fannie Mae lookup tools to see if one of the GSEs lays claim to it.
As of now, the GSEs—Fannie and Freddie—are offering forbearance up to 12 months or a 60-day deferral. With forbearance, a homeowner can lower or suspend their payments but will owe the overdue amount in full once the forbearance period ends. With the deferred payments, borrowers would owe the skipped payments at the loan’s maturity or pay-off date or when the property is sold—whichever comes first.
FANNIE MAE
1-800-2FANNIE (8am to 8pm EST)
KnowYourOptions.com/loanlookup
FREDDIE MAC
1-800-FREDDIE (8am to 8pm EST)
FreddieMac.com/mymortgage
For credit card issuer information:
https://www.bankrate.com/finance/credit-cards/issuer-assistance-programs-amid-coronavirus-fears/
For more general information:
Please be aware that there are also lots of scams that are happening already. Phishing emails and calls claiming to help expedite the payments from the CARES ACT/Covid-19 Stimulus package.
Most people will automatically get a check based on their 2018 0r 2019 taxreturns. You can go to the:
https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know
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