If you are having difficulty making your mortgage payment on your FHA insured mortgage due to COVID-19, help is available but action is required. Here’s what you need to know:
- Contact your mortgage service provider.
You can find their information on your mortgage statement or on their website. If you don’t know your servicer, look them up Here. For further help, please contact a HUD-approved housing advice center near you.
- Let your service provider know that you want to pause your payments.
This is called a indulgence. Due to the current crisis, most homeowners can temporarily stop their payments with no penalty. However, you need to contact your servicer.
- Plan when your payment break will end.
You don’t have to repay your paused payments all at once. Talk to a local Housing Advisor for free tutorials on how to make sure your payments are affordable.
Foreclosure and eviction moratorium
The FHA’s foreclosure and eviction moratorium applies until June 30, 2021. If you are in arrears on your mortgage payments and live in your property, the moratorium will protect you from foreclosure and eviction proceedings.
What is forbearance?
If you have a mortgage that is insured by the FHA and you are unable to make your mortgage payment due to COVID-19, you are eligible for the FHA’s COVID-19 forbearance.
Learn more at www.hud.gov/coronavirus/homeowners.
This press release was prepared by the city mentor. The views expressed here are your own.