COVID-19 has reduced the incomes of SO many Iowans, making basic survival harder. If you are worried about protecting your home if you are unable to make your mortgage payments, you may have options – but you won’t know unless you ask! Watch this video from the Consumer Financial Protection Bureau for the facts you need to know about mortgage forbearance.
The CARES Act requires that consumers be offered at least 180 days “forbearance” if their mortgage is backed by a federal agency (FHA, VA, USDA, Fannie Mae, or Freddie Mac). Many lenders are also making forbearance available for privately-backed loans. You will eventually need to make up for the missed payments, but you will have some time to catch up. Beware of any housing relief offers that require you to pay a fee up front – those are likely scams.
For more information about housing relief options, visit cfpb.gov/housing. For help sorting through your options on a wide range of financial issues, request an individual consultation with one of our ISU Extension family finance specialists.