The CARES Act - the $2 trillion financial stimulus package – offers mortgage relief protection for homeowners who have mortgages owned or backed by the federal government. This means your mortgage can come through Fannie Mae, Freddie Mac or the U.S. Department of Veteran’s Affairs (VA) to name a few.
When to look for help.
Before seeking help, first assess your situation. If you can pay your mortgage, pay your mortgage.
Don’t call your mortgage servicer if you aren’t facing an immediate issue. Mortgage servicers are getting a lot of calls and need to first help those who won’t be able to pay their mortgage. Check their website for possible options you can use if and when you need assistance.
Phone wait times are long.
However, if you can’t pay your mortgage, or can only pay a portion, contact your mortgage loan servicer immediately.
It may take a while to get a loan servicer on the phone. Loan servicers are experiencing a high call volume and may also be impacted by the pandemic and have fewer staff working.
For more information on mortgages, interest rates and financing - or to get the process started - contact Steve at Nation’s Lending, 520-612-0479, or stop in at 210 W. Continental Road, Suite 116A, Green Valley AZ 85622.
Corp NMLS # 32416