Under the recently enacted CARES Act, homeowners, rental property owners,
and renters may be eligible for mortgage relief options. To be
protected against foreclosures, the mortgage must be federally
owned or otherwise backed by one of the federal agencies. To
understand who owns or backs your mortgage, you can call your
servicer. The servicer has an obligation to provide you, to the
best of its knowledge, the name, address, and telephone number of
who owns your loan. Reports indicate that nearly half of the
nation's mortgages are owned or backed by Fannie Mae or Freddie
Mac.
Mortgage Relief Options for
Homeowners
- Your lender or loan servicer may not foreclose on you for 60
days after March 18, 2020. Specifically, the CARES Act prohibits
lenders and servicers from beginning a judicial or non-judicial
foreclosure against you, or from finalizing a foreclosure judgment
or sale, during this period of time.
