Cares Act offers mortgage relief for homeowners
November 1, 2020
If you can’t make your mortgage payment, there is help. Due to the 2020 Cares Act you can get a forbearance on your loan if your loan investor (not the bank or loan service company) is one of the following:
FMCC (Freddie Mac)
FNMA (Fannie Mae)
VA (Veterans Administration)
FHA (Federal Housing Authority)
If you experience financial hardship due to the coronavirus pandemic, you have a right to request and obtain a forbearance for up to 180 days. You also have the right to request and obtain an extension for up to another 180 days (for a total of up to 360 days). You must contact your loan servicer to request this forbearance.
There will be no additional fees, penalties or additional interest (beyond scheduled amounts) added to your account. You do not need to submit additional documentation to qualify other than your claim to have a pandemic-related financial hardship.
If your loan is with Alaska Housing Finance Corporation (AHFC) you can also get a forbearance.
For details, the company that you make your home payments to can provide more information.