By Chris Morris | Fortune
As the economic impacts of the coronavirus pandemic begin to hit home, many Americans are worried about how they’ll make their mortgage payments, especially if they’ve been furloughed or laid off from their jobs.
The good news is mortgage lenders are quickly making accommodations. Mortgage giants Fannie Mae and Freddie Mac both have ordered lenders to be more flexible with borrowers, reducing or suspending payments for up to 12 months. That action alone covers half of the country’s home loans.
Other mortgage lenders are likely to follow suit eventually. But if your lender hasn’t set new policies yet and you’re facing an immediate mortgage crisis, there are steps you can take.
“The effects of coronavirus have and will continue to affect homeowners’ ability to make their monthly mortgage payments. Several banks have rolled out deferment and other mortgage programs; however, depending on circumstances unique to each case, a homeowner may be better off in the long run negotiating a loan modification. If you have questions about your mortgage, a deferment or assistance program, or negotiating a loan modification, please contact Rose Law Group and/or Dan Gauthier.” ~Dan Gauthier, Transactional Attorney at Rose Law Group
