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If your ability to make monthly mortgage payments is impacted by the current economic downturn, and your loan is owned by Fannie Mae or Freddie Mac, you may be eligible to delay making your monthly mortgage payments for up to 12 months, during which:
- You won’t incur late fees.
- You won’t have delinquencies reported to the credit bureaus.
- Foreclosures and other legal proceedings will be suspended.
We encourage you to contact your mortgage servicer (the company where you send your monthly mortgage payments) as soon as possible and let them know about your current circumstances. The phone number and address of your mortgage servicer should be listed on your monthly mortgage statement.
As always, if you have any questions about this or real estate in general, we are available by phone or by email, so please don’t hesitate to reach out.
