On April 6, the Consumer Financial Protection Bureau (CFPB) released information regarding coronavirus mortgage relief options.
Their webpage has helpful information for those who find themselves impacted and concerned about the effect on their ability to pay their mortgage or rent. It outlines the federal and state governments’ plans to help struggling homeowners during this time. Visit their website to understand your options for mortgage and rental relief.
Helpful CFPB Information
For many homeowners with mortgages, there’s help, but you should first assess your situation.
The new federal law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, puts in place two protections for homeowners with federally backed mortgages:
If you don’t have a federally-backed mortgage, you still may have relief options through your mortgage servicer or from your state.
To read more, visit the Consumer Financial Protection Bureau’s mortgage relief guide by clicking on this link: https://www.consumerfinance.gov/about-us/blog/guide-coronavirus-mortgage-relief-options/
Please note that up-to-date mortgage customers will not experience any negative credit bureau reporting when requesting relief, and we have temporarily paused foreclosure related activities.