Realtors® who know of a homeowner experiencing financial hardship directly or indirectly related to Coronavirus (COVID-19) and their mortgage is owned by Freddie Mac, should encourage them to contact their loan servicer (the company listed on their mortgage statement) right away to discuss their options.
Whether the homeowner is facing job loss, reduced income, illness or other issues that impact their ability to make their monthly mortgage payment, Freddie Mac, a PAR sponsor, is working to ensure they are protected. In fact, Freddie Mac has directed loan servicers to provide mortgage relief options that include:
- Ensuring payment relief by providing forbearance for up to 12 months.
- Waiving assessments of penalties or late fees.
- Halting all foreclosure sales and evictions of borrowers living in homes whose loans are owned by the company until at least May 17, 2020.
- Suspending reporting to credit bureaus of past due payments of borrowers who are in a forbearance plan as a result of hardships attributable to this national emergency.
- Offering loan modification options to provide mortgage payment relief or keep those payments the same after the forbearance period.
Borrowers are eligible for forbearance regardless of whether their property is owner occupied, a second home or an investment property.
If you have clients who are struggling to make their mortgage payments or believe they may fall behind on their payments soon, urge them to contact their loan servicer now. They’re ready to help. In this time of uncertainty and disruption, Freddie Mac committed to assisting homeowners who may be facing hardships due to the COVID-19 pandemic. For more information, visit FreddieMac.com.
For the most up-to-date information, be sure to continue to visit PARealtors.org/coronavirus for answers to the most pressing questions.