We realize that for homeowners facing economic hardships, these are scary times. Below please find a few resources that may help bring some relief in periods of financial uncertainty.

According to the Federal Housing Finance Agency, they are closely monitoring the coronavirus national emergency’s effect on the housing finance market and continues to update policies and guidance to ensure its regulated entities – Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (FHLBanks) – are fulfilling their mission of providing market liquidity during this difficult time.

FHFA is a financial regulator and, therefore, cannot provide direct assistance or field individual inquiries from renters, landlords, or borrowers. If you are facing economic hardship because of COVID-19 to immediately mortgage servicer or landlord to see if you qualify for payment relief.

However, if your ability to pay your mortgage is impacted and your loan is owned by Fannie Mae or Freddie Mac, you may be eligible to delay making your monthly mortgage payments for a temporary period, during which:

·       You will not incur late fees

·       Foreclosure and other legal proceedings will be suspended 

·       Consumers can also visit consumerfinance.gov/coronavirus for up-to-date information and resources to protect and manage their finances

If you have trouble catching up at the end of the temporary relief period, additional assistance may be available.  You can work with your servicer to resume making a mortgage payment.  Or if you need additional assistance, you can work with your servicer on other foreclosure prevention options to keep your home. Contact your mortgage servicer as soon as possible to let them know about your current circumstances.

We know times are challenging, but there are resources that can help. If you have questions for us or are in the market for a home, contact Metrowest today – we’re here to help.