Resources for Homeowners During COVID-19
MORTGAGE RELIEF OPTIONS
Fannie Mae/Freddie Mac Insured Mortgages
You may be able to temporarily delay your mortgage payments without penalty, or incurring delinquencies on your credit report, depending on who is backing your loan. Always be sure to contact your loan servicer directly, and as soon as you know that you may have trouble making a payment. Also, make sure that you are 100% clear on the terms that your lender/servicer is offering you…..you do not want to be stuck with a lump sum payment that is due immediately at the end of your deferral or forbearance.
FHA Insured Mortgages
The department of Housing and Urban Development (HUD) is suspending foreclosures and evictions on single family homes for the next 60 days for homeowners with mortgages insured by the Federal Housing Administration (FHA).
https://www.hud.gov/states/florida/homeownership/foreclosure
Steps to Avoid Foreclosure and Mortgage Default
Do not wait if you are unable to make your monthly payment – any deferral option that is available to you is not automatic; you must contact your loan servicer to make payment arrangements.
https://www.hud.gov/states/florida/homeownership/foreclosure
Banks with COVID-19 Relief for Homeowners (FULL LIST)
COVID-19 Stimulus Package – FAQ’s
A $2 Trillion Relief Bill was just signed into law, giving relief to homeowners, and expanding the unemployment coverage, among the several provisions. Click here to see frequently asked questions about the stimulus, and how it can help you.
Refinancing
If you were thinking of refinancing before the past 2 weeks, many lenders were having backlogs of customers looking to refinance (as a result, mortgage rates increased). Now may be a good time to revisit, if you have the ability. Interest rates on mortgages are still quite a bit lower than they were previously, and may still offer some great savings to some homeowners.
Many lenders, mortgage brokers, and title/settlement companies have created ways to complete this process 100% remotely. Also, be sure to inquire what requirements the lender/mortgage provider has regarding employment (some may allow a verification from your employer that you will resume your job position after the health crisis).
Other Helpful Links:
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options
https://www.floridahousing.org
