Need Help Paying Your Mortgage? | Options Available to Homeowners During the Pandemic

It’s no secret that many Americans are unemployed, underemployed, or facing financial hardships. In response, many lenders have offered temporary help on a variety of federally-backed loans, including the big one - home mortgages.

Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, borrowers are eligible for mortgage forbearance for up to 12 months, which has provided millions of homeowners with the short-term financial relief they desperately need. Forbearance allows homeowners to temporarily suspend or reduce their monthly mortgage payment, while they regain their financial footing.

But what happens when the forbearance period ends? Kevin Palmer, SVP of Single-Family Portfolio Management at Freddie Mac, is breaking down the post-forbearance process, and what options are available to homeowners as we approach the 6-month mark since the CARES Act was implemented.

For more information visit: freddiemac.com