The first thing a borrower who is considering forbearance should do is check if their mortgage is federally-backed. If the mortgage is indeed federally-backed, it qualifies for forbearance under the CARES Act. (https://www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/)
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HOW DO I FIND OUT WHO OWNS MY MORTGAGE AND WHAT ASSISTANCE I QUALIFY FOR?
- Fannie Mae: https://www.knowyouroptions.com/loanlookup
- Freddie Mac: https://ww3.freddiemac.com/loanlookup/
- FHA Mortgages: Federal Housing Administration Mortgages: email [email protected], call 1-800-CALL-FHA (1-800-225-5342), or visit www.hud.gov
- VA Mortgages: https://www.benefits.va.gov/homeloans/index.asp In addition, you may call (877) 827-3702 to contact a VA Regional Loan Center.
**** If your mortgage does not come up in one of these searches, your bank is not part of the Cares Act and you should take extra precautions when you are exploring mortgage relief solutions. For help in exploring your options, reach out to a housing counselor. Use the CFPB’s “Find a Counselor” tool to get a list of counseling agencies approved by the Department of Housing and Urban Development (HUD). You can also call the HOPE™ Hotline, open 24 hours a day, seven days a week, at (888) 995-HOPE (4673).
If you have already gone into forbearance with your lender it is imperative that you reach out to them during the last 30 days of your forbearance. You will need to make a decision about what happens next.
Keep an eye on your credit! Make sure the lenders are properly reporting your status.
You can now request your credit reports for free weekly from each of the nationwide credit reporting agencies through April 2021 by visiting AnnualCreditReport.com .
In addition to your free weekly online credit reports until April 2021 and your free annual credit reports, all U.S. consumers are entitled to six free credit reports every 12 months from Equifax through December 2026. You can access these free reports online at AnnualCreditReport.com or get a “myEquifax” account at equifax.com/personal/credit-
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