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Fri Mar 20, 2020, 10:50 AM

U.S. Orders Up To A Yearlong Break On Mortgage Payments

https://www.npr.org/2020/03/19/818343720/homeowners-hurt-financially-by-the-coronavirus-may-get-a-mortgage-break?fbclid=IwAR0C-Q52hjjXOtbas_mdP73HjJ_SC70U1_6Gp4gDJKUcpkX6Qvbx_yhopVU

U.S. Orders Up To A Yearlong Break On Mortgage Payments

March 19, 20202:03 PM ET
Heard on Morning Edition
Chris Arnold
The federal government is telling lenders to lower or suspend mortgage payments for homeowners who have lost income because of the coronavirus outbreak.
Mike Segar/Reuters
Updated at 2:49 p.m. ET


Homeowners who have lost income or their jobs because of the coronavirus outbreak are getting some relief. Depending on their situation, they should be eligible to have their mortgage payments reduced or suspended for up to 12 months.

Federal regulators, through the mortgage giants Fannie Mae and Freddie Mac, are ordering lenders to offer homeowners flexibility. The move covers about half of all home loans in the U.S. those guaranteed by Fannie and Freddie. But regulators expect that the entire mortgage industry will quickly adopt a similar policy.

Under the plan, people who have suffered a loss of income can qualify to make reduced payments or be granted a complete pause in payments.

"That forbearance is up to 12 months, depending on their particular situation," says Mark Calabria, director of the Federal Housing Finance Agency, which oversees Fannie and Freddie.

Homeowners can't just stop paying their mortgage. "They need to contact their servicer that is the lender that they send the check to every month," he says. "That lender will work with them to be able to work out a payment plan. Obviously, we hope to get them back on their feet as soon as possible."


Calabria says people in financial distress because of the coronavirus can just verbally testify to that over the phone with their lender. Documenting the hardship can come later. "You're not going to have to send 20 pieces of paper at the front of this," he says. "We want to do it quickly."

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Arrow 11 replies Author Time Post
Reply U.S. Orders Up To A Yearlong Break On Mortgage Payments (Original post)
babylonsister Mar 20 OP
Pachamama Mar 20 #1
msongs Mar 20 #11
kysrsoze Mar 20 #2
C_U_L8R Mar 20 #3
LisaM Mar 20 #7
dalton99a Mar 20 #4
jaysunb Mar 20 #5
BeckyDem Mar 20 #6
Backseat Driver Mar 20 #8
dweller Mar 20 #9
PoliticAverse Mar 20 #10

Response to babylonsister (Original post)

Fri Mar 20, 2020, 10:53 AM

1. Just curious - when will it be ordered that Property Owners that will benefit from this if they have

...investment rental properties, extend that same opportunity to their renters?

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Response to Pachamama (Reply #1)

Fri Mar 20, 2020, 02:07 PM

11. and when the renters quit paying rent even if they are not under hardship..hmm nt

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Response to babylonsister (Original post)

Fri Mar 20, 2020, 10:54 AM

2. This is great news. They'll have to do something similar for renters.

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Response to babylonsister (Original post)

Fri Mar 20, 2020, 10:55 AM

3. Renters, you're on your own.

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Response to C_U_L8R (Reply #3)

Fri Mar 20, 2020, 11:16 AM

7. Renters are always on our own.

Second class citizens.

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Response to babylonsister (Original post)

Fri Mar 20, 2020, 10:55 AM

4. Kick

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Response to babylonsister (Original post)

Fri Mar 20, 2020, 11:06 AM

5. I wonder what will happen to those already in default and facing foreclosure ? Nt

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Response to babylonsister (Original post)

Fri Mar 20, 2020, 11:09 AM

6. What about the renters?

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Response to babylonsister (Original post)

Fri Mar 20, 2020, 11:24 AM

8. Well, they never did this for American IT workers

who lost jobs because of globalist greed as employers re-orged, merged, acquired, or hired foreign replacements Americans had to teach before they got the axe. and then advised if one wasn't working, don't bother to apply for advertised opportunities as they aged-out of expertise and skills.

I don't trust this "assistance" maneuver - be warned, there may be fine-print wording in mortgage paperwork that will never allow one to be on a square footing ever again; TPTB just want to grab more real estate for themselves. If you can't afford to litigate their attempt to "grab" your home, don't do it or seek it!

Yeah, sour grapes and a bad-attitude Plan B fantasy to be as expensive as one can be to TPTB with the help of a mutated virus, but we did dodge experiencing a tornado's fury.

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Response to Backseat Driver (Reply #8)

Fri Mar 20, 2020, 11:46 AM

9. it did occur to me recently

that if this goes full apocalypse that there would massive real estate
available ...

✌🏼

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Response to babylonsister (Original post)

Fri Mar 20, 2020, 11:54 AM

10. What about property tax payments? n/t

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