If you’re facing financial hardship because of the ongoing impacts of COVID-19 and can’t pay your mortgage, there may be some avenues to get help. Below are several mortgage relief programs offered at the federal, state and lender level.
Homeowners can get help through the various mortgage relief programs that have emerged in the wake of the coronavirus (COVID-19) outbreak. Understanding the recently passed Coronavirus Aid, Relief and Economic Security (CARES) Act, an economic stimulus bill, as well as help available at the state and lender level, is essential for homeowners and renters struggling to pay their housing expenses.
Protections under the CARES Act
On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law. The $2 trillion economic stimulus bill enacts several consumer protections, including:
• A 60-day moratorium on new and in-process foreclosures, which started after March 18. • The right to request mortgage forbearance for up to 180 days and one extension for up to an additional 180 days. • A 120-day moratorium on evictions for tenants renting from a landlord with a federally backed mortgage, which started March 27.