• About Us
  • Write For Us
  • Advertising
  • Support
  • Contact Us
March 27, 2023 3:43 pm CDT
LISTEN LIVE:
No Result
View All Result
Heartland Newsfeed
728x90 Explore Twitch Services
ADVERTISEMENT
  • Illinois
    • Local
      • Capital Area
      • East Central Illinois
      • West Central Illinois
    • Regional
      • Chicagoland
      • Metro-East
      • Northern Illinois
      • Quad Cities
      • Southern Illinois
    • Obits
    • Executive Watch
    • Legislative Watch
    • Road Conditions
      • Illinois
    • Weather Closings
      • Central Illinois
  • Missouri
    • Regional
      • Northeastern Missouri
      • East Central Missouri
      • St. Louis Metro
      • Southeast Missouri
    • Executive Watch
    • Legislative Watch
    • Weather Closings
      • Greater STL Metro (IL/MO)
    • Road Conditions
      • Missouri
  • Weather
  • National
  • World
  • Sports
    • Basketball
      • NBA
    • Bowling
    • Boxing
    • Football
      • Arena Football
      • CFL
      • NFL
      • XFL
      • USFL
    • Golf
      • PGA
    • Hockey
      • NAHL
      • NHL
    • MLB
      • MiLB
    • MMA
      • UFC
    • NCAA
      • Basketball
      • Football
    • Olympics
    • Preps
    • Racing
      • Horse Racing
      • NASCAR
    • Soccer/Futbol
      • Bundesliga
      • Champions League
      • FIFA
      • La Liga
      • MLS
      • NWSL
      • Premier League
      • U.S. National Soccer
      • USL
      • USL Championship
    • Tennis
    • Wrestling
      • AEW
      • Independents
      • MLW
      • NJPW
      • NWA
      • ROH
      • WWE
  • Entertainment
    • Crossword
    • News Quiz
  • Opinion
    • Letters To The Editor
    • Editorial
    • Columnists
  • Radio
    • Affiliates
    • Live Video
      • HLNF Live
      • RTMP Direct
    • Network Schedule
    • Network Streams
    • Podcasts
      • Radio Network
      • Podcast Network
  • Features
    • Classifieds
      • Current Ads
      • Job Board
        • Job Listings
        • J2CTalroo
        • Post a Job
        • Receive Alerts
        • ZipSearch
    • Community Calendar
    • News Feeds
      • Statehouse
      • Legislative
      • Breaking News
  • Store
  • Deals
  • Calendar

No products in the cart.

Heartland Newsfeed
No Result
View All Result

Your mortgage and the impact by the coronavirus epidemic

Personal Finance Syndication Network by Personal Finance Syndication Network
April 17, 2020
in Business & Lifestyle, Business News, Consumer Alerts, Consumer Watchdogs, Education, Financial News
Reading Time: 4 mins read
Donate
0

Because of the coronavirus, many people are facing financial challenges, including paying their mortgage. If you’re unable to make your mortgage payments, a foreclosure could cause you to lose your home. Federal and some private lenders are offering borrowers temporary help. This includes stopping or delaying foreclosure or modifying the mortgage. However, these measures don’t apply to everyone. If you need help, research the options available to you for getting through these tough times.

Learn about available Federally-backed mortgage relief

A new Federal law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, creates two protections for some borrowers. To be eligible, you must have a Federally-backed mortgage and be experiencing financial hardship because of the coronavirus.

Temporary suspension/moratorium

The first is a temporary suspension of foreclosures for 60 days, starting March 18. Moreover, this is called a moratorium.

Forbearance

The second is a right to forbearance for 180 days. You can ask your servicer to reduce or suspend mortgage payments for that time period. If you’re still having trouble paying after six months, you can request forbearance again.

Figure out if your mortgage comes from a program with support from the Federal government. You can call your mortgage servicer or follow the links below if you’re not sure. You can find contact information for your servicer from your billing statement.

More than half of U.S. mortgages come from Fannie Mae or Freddie Mac. These are mortgage programs with financial backing from the Federal government.

Fannie Mae: Look up whether your mortgage is owned by Fannie Mae
(800) 232-6643

Freddie Mac: Look up whether your mortgage is owned by Freddie Mac
(800) 373-3343

Mortgages can come from a variety of other government programs. The U.S. Department of Housing and Urban Development (HUD) is a provider for FHA mortgages. The U.S. Department of Agriculture is a provider for USDA-oriented mortgages. Even the U.S. Department of Veterans Affairs offers VA mortgages to veterans and their families. These programs may be eligible for relief under the CARES Act.

Contact your servicer regardless of mortgage type

Tell them your situation and ask what options are available to you. Even if your mortgage doesn’t have Federal backing, you may still qualify for other help.

If you’re considering a forbearance, keep in mind that it is not loan forgiveness. Ask your servicer what happens after the forbearance ends. Your servicer should be able to tell you if it will extend the loan term as a result. This allows you can make late payments later if your monthly payments go up to make up the difference. As a result, the entire amount will require payment in a lump sum. Additionally, see how forbearance could affect your credit.

Contact an approved counselor for advice

HUD has a list of approved housing counseling agencies in your state who can help explain your options. Consider contacting the Homeownership Preservation Foundation (HPF) at (888) 995-HOPE (995-4673). HPF, a nonprofit organization partnering with mortgage companies, local governments, and other organizations, helps consumers get loan modifications and prevent foreclosures.

Check what help is available where you live

Your state may offer additional support. Some states have frozen foreclosures. Find your state government’s website and look around for the latest updates on help for borrowers.

Scammers follow the headlines

It’s tempting to hire a company that promises changes to your loan and reduce monthly mortgage payments. Additionally, they could also offer other steps to save your home. Unfortunately, many companies use half-truths and outright lies to sell their services. Additionally, they could make promises but don’t deliver. Moreover, learn more about avoiding mortgage relief scams.

Don’t pay up-front for help

Federal law states that if you hire someone to help you with your mortgage, you pay no fee until they deliver the results you want. It’s illegal for a company to charge you until you’ve accepted their written loan modification offer. Additionally, this includes any other relief provided by your lender. However, you are also free to reject an offer you don’t like. You should always feel free to contact your mortgage servicer directly for additional options. Learn more about your rights when it comes to hiring a mortgage relief company.

This article by the FTC was distributed by the Personal Finance Syndication Network.

Personal Finance Syndication Network
Website | + posts

The Personal Finance Syndication Network features personal finance columns from Credit.com, GoBankingRates and GetOutOfDebt.org.

  • Personal Finance Syndication Network
    https://www.heartlandnewsfeed.com/author/steverhode/
    Behind on car payments because of the coronavirus?
  • Personal Finance Syndication Network
    https://www.heartlandnewsfeed.com/author/steverhode/
    Eight affordable alternatives to cable in 2019
  • Personal Finance Syndication Network
    https://www.heartlandnewsfeed.com/author/steverhode/
    Social Security Administration imposters top IRS in consumer loss reports
  • Personal Finance Syndication Network
    https://www.heartlandnewsfeed.com/author/steverhode/
    Student loan servicer SoFi settles charges with FTC, agrees to end false claims about loan refinance savings

Share this:

  • Twitter
  • Facebook
  • LinkedIn
  • Reddit
  • Tumblr
  • Telegram
  • Print
  • Email

Like this:

Like Loading...
Tags: financial news
Share197Tweet123Share5Send

Discussion about this post

📻 ON AIR NOW

.
ADVERTISEMENT
  • Five things you should know before purchasing auto insurance

    611 shares
    Share 244 Tweet 153
  • Nokomis council passes dumpster ordinance

    542 shares
    Share 217 Tweet 136
  • Illinois to see two gas hikes in 2023

    537 shares
    Share 215 Tweet 134
  • Viola Armstrong, 92, Pana

    530 shares
    Share 212 Tweet 133
  • Leto Voudrie, 83, Moweaqua

    528 shares
    Share 211 Tweet 132

HOURS AND INFO

800 Capps Ave.
Nokomis, IL 62075-1415
admin@heartlandnewsfeed.com
Online all the time 
Office Hours: 8 AM to 8 PM
Newsroom: (217) 569-4230
Listen Line:
(217) 569-4230 ext. 1
Advertising:
(217) 718-5281
After-Hours:
(217) 565-9709 / (217) 565-9273

Sitemap | Published Press | Privacy Policy
Staff Email | Independent Media

LIVE WEBSITE VIEWERS

.
ADVERTISEMENT

DEADLINES

Daily: 11 p.m. Central
Weekend: 11 p.m. Central
Sports: 11 p.m. Central

Upcoming deadlines
NYE/NYD: December 30, 5 p.m. Central

WEBRINGS

Hotline Webring: Previous — Next

Some rights reserved 2017-2023 by Heartland Newsfeed, a subsidiary partnership by Heartland Internet Media Networks and Heartland Media Group of Central Illinois LLC. Content published by Heartland Newsfeed staff is covered by the BipCot NoGov license. This allows use and re-use by anyone except governments and government agents. License on record. JNews theme designed and developed by Jegtheme.

No Result
View All Result
  • Home
  • News
    • Politics
    • Business
    • World
    • Science
  • Entertainment
    • Gaming
    • Music
    • Movie
    • Sports
  • Tech
    • Apps
    • Gear
    • Mobile
    • Startup
  • Lifestyle
    • Food
    • Fashion
    • Health
    • Travel

Some rights reserved 2017-2023 by Heartland Newsfeed, a subsidiary partnership by Heartland Internet Media Networks and Heartland Media Group of Central Illinois LLC. Content published by Heartland Newsfeed staff is covered by the BipCot NoGov license. This allows use and re-use by anyone except governments and government agents. License on record. JNews theme designed and developed by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

00:00
00:00
WP Radio
WP Radio
OFFLINE LIVE
%d bloggers like this: