Mortgage Relief Tracker: Coronavirus (COVID-19) Relief For Homeowners

As the coronavirus pandemic continues to shut down U.S. cities and forces individuals into semi-isolation, some people are already out of work for the foreseeable future and others are likely to become so. How will those suddenly without income be able to keep a roof over their heads? We encourage you to call your Mortgage lender TODAY if you are experiencing economic hardship and seek relief measures. 

The federal government and states are starting to step in to provide protection for homeowners and renters. These initiatives are in their early stages and as COVID-19’s economic impact spreads, these relief programs will likely spread too. This list will be updated regularly as new programs and initiatives come on line.

Federal Relief Programs

FHA-Insured Mortgages

The Department of Housing and Urban Development (HUD) was ordered by President Trump on March 18 to suspend evictions and foreclosures for the next 60 days. The moratorium only applies to homeowners with mortgages insured by the Federal Housing Administration (FHA), a part of HUD that insures home loans made by FHA-approved lenders. The moratorium only covers FHA mortgages for single family homes.

The order not only prevents new foreclosure actions but also suspends all foreclosure actions currently in process.

Fannie Mae and Freddie Mac

The Federal Housing Finance Agency (FHFA), which oversees Fannie Mae, Freddie Mac, and the Federal Home Loan banks, is providing payment forbearance to borrowers impacted by the coronavirus for up to 12 months due to hardship.

Public Housing

Secretary of HUD Ben Carson said in a tweet Thursday that HUD is working with Congress to prevent evictions in public housing programs. There are no specific details available yet.

California

California Governor Gavin Newsom issued an executive order halting all evictions during the pandemic. The order is in effect through May 31, with the option of being extended, and halts evictions for both renters and homeowners. The order does not relieve a tenant from paying rent, and a landlord still has the ability to recover rent that is due. However, individuals cannot be evicted from their home for nonpayment.  The order also requests that financial institutions halt foreclosure activity and protects against utility shutoffs for individuals affected by COVID-19.