If coronavirus has impacted your income, employment or health, mortgage relief options may be available to you. Fannie Mae and Freddie Mac cover about half the home loans in the U.S. If your loan is serviced by one of the major banks or financial institutions, we’ve got them listed below so you can contact them directly for assistance.
If Fannie Mae or Freddie Mac own your home loan, they are prepared to assist you. Click these links:
Mortgage assistance and relief options are available from Fannie Mae if coronavirus has caused job loss, a reduction in work hours, reduced income, illness or other issues which impact your ability to make your monthly mortgage payment:
- Homeowners impacted by this national emergency are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 months
- Homeowners in a forbearance plan will not incur late fees
- Credit bureau reporting of past due payments of borrowers in a forbearance plan as a result of hardships attributable to this national emergency is suspended
- After forbearance, a servicer must work with the borrower on a permanent workout option to help maintain or reduce monthly payment amounts as necessary, including a loan modification
- Foreclosure sales and evictions of borrowers are suspended for 60 days
Fannie Mae also offers help navigating the broader financial effects of this national emergency to homeowners with a Fannie Mae-owned mortgage through its Disaster Response Network, including:
- A needs assessment and personalized recovery plan
- Help requesting financial relief from insurance, loan servicers, and other sources
- Web resources and ongoing guidance from experienced disaster relief advisors
Homeowners can reach out to Fannie Mae directly by calling 1-800-2FANNIE (1-800-232-6643). For more information, please visit Know Your Options – Covid19 Assistance.
Freddie Mac has announced a variety of similar mortgage relief options that are available immediately and apply to borrowers who cannot pay their mortgage payments due to a job loss or decline in income resulting from the impact of COVID-19.
Freddie Mac has directed your loan servicer to provide mortgage relief options that include:
- Ensuring payment relief by providing borrowers forbearance for up to 12 months;
- Waiving assessments of penalties or late fees against borrowers;
- Suspending the reporting of delinquency related to forbearance, repayment or trial plans to credit bureaus; and
- Allowing servicers to offer borrowers additional loss mitigation options that are typically only enacted to address natural disasters. This includes loan modifications that give servicers options to provide payment relief or keep the payment the same post the forbearance period.
- Borrowers are eligible for forbearance regardless of whether their property is owner-occupied, a second home, or an investment property.
For more information on Freddie Mac mortgage relief, visit My Home By Freddie Mac.
Private Mortgage Relief Programs
The Federal Deposit Insurance Corporation (FDIC) is working with federal and state banking agencies, and financial institutions to offer relief to help meet the needs of their customers and members affected by the coronavirus.
If you make your monthly mortgage payments to any of the banks listed below, you should contact them directly to discuss your circumstances. We’ve linked to their coronavirus response pages here: