The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides relief for homeowners with government-guaranteed mortgages.
If the coronavirus pandemic has caused job loss, income reduction, sickness, or other issues, federally held mortgages are eligible for relief. Mortgages backed by FHA, USDA, VA, HUD Sec 184, Fannie Mae, or Freddie Mac are eligible for interest and penalty free forbearance for at least 6 months and up to one year.
Forbearance puts your payments on pause. You will still have to make these payments; however, interest will not accrue during this coronavirus-related forbearance period.
Negative credit reporting is also suspended. Homeowners in need of the forbearance should reach out to their mortgage servicers as soon as possible or contact a HUD-approved housing counselor. Contact information for a homeowner’s mortgage servicer can be found in monthly mortgage statements or coupon book. The nearest housing counselor can be found at https://www.consumerfinance.gov/find-a-housing-counselor/ or by calling (800) 569-4287.