While banks continue making their own rules, Fannie Mae, Freddie Mac and the Federal Home Loan banks are taking steps to help consumers who have been impacted by Covid19. If Fannie Mae and Freddie Mac hold your mortgage, call them and tell them your situation. According to Fannie Mae and Freddie Mac, they stated:
- They will drop all late fees
- They will not report any delinquencies to your credit report and,
- They will suspend all foreclosure and legal proceedings.
When you contact them, make sure you are able to prove that you are not working or what financial situation you are in.
If you are unsure if your loan is held through Fannie Mae or Freddie Mac, contact your mortgage company or broker who helped you with your mortgage. They will be able to let you know.
** If you are a landlord, and you are deferring a mortgage on a rental that you have, you will not be allowed to evict your tenant. The help Fannie Mae and Freddie Mac offers is also for your tenants.