Understand your COVID-19 mortgage options

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Urban News Staff Reports

Mortgage loan company Fannie Mae is reminding those impacted by COVID-19 that mortgage assistance and relief options are available, including a forbearance plan through their mortgage servicer (the company listed on their mortgage statement).

Under a forbearance plan, a homeowner may be able to temporarily reduce or suspend their mortgage payment while they regain their financial footing. At the end of the forbearance plan, the homeowner will be provided with several options from their mortgage servicer for making up the missed payments and will not be required to pay everything back all at once.

Mortgage servicers will attempt to contact homeowners 30 days before their forbearance plan is scheduled to end to determine which assistance program is best for them at that time.

"We want every homeowner who is struggling because of this pandemic to know they have mortgage options. We do not require a homeowner to repay missed payments all at once at the end of the forbearance plan, unless they choose to do so. We encourage everyone to get the facts – call your mortgage servicer, or go to Fannie Mae's KnowYourOptions.com website, which provides a one-stop overview of the various options available to homeowners and renters who might need help due to COVID-19," said Hugh R. Frater, Chief Executive Officer, Fannie Mae.

To continue to ensure clarity and transparency for mortgage servicers and homeowners alike, Fannie Mae published its COVID-19 Forbearance Script for Servicer Use with Homeowners, which is a guide for mortgage servicers to use in their forbearance discussions with homeowners impacted by COVID-19.

In addition, homeowners can access Fannie Mae's Disaster Response Network through the Loan Lookup Tool. If it confirms the homeowner has a Fannie Mae-owned loan, they will have access to the Disaster Response Network's HUD-approved housing counselors, who can help navigate the broader financial challenges many are facing.

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