New Law Helps You Delay Mortgage Payments and Prevent Foreclosure

https://news.yahoo.com/law-helps-delay-mortgage-payments-181750702.html

Jim Absher
,Military.com•April 10, 2020


If you've been financially affected by the novel coronavirus (COVID-19) pandemic, you may be wondering how you are going to make upcoming mortgage payments. There is help available.

A new federal law, the Coronavirus Aid, Relief and Economic Security (CARES) Act, gives you two new financial protections if you have a federally backed mortgage:

A moratorium on foreclosures

Mortgage forbearance

If you don't have a federally backed mortgage, you may still have relief options through your mortgage servicer or from your state. However, many people have federally backed mortgages and don't know it. More than half of all mortgages are owned or backed by Fannie Mae or Freddie Mac, which are federal agencies.

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