The CARES Act provides some relief for homeowners. Here are the top 5 things you must know about the CARES Act as it relates to your mortgage.
The CARES Act only applies to federally backed mortgages
A federally backed mortgage is a mortgage that is guaranteed by FHA, VA, or the USDA, or that has been sold to Fannie Mae or Freddie Mac. Here is the link to determine if your loan is owned by Freddie Mac: https://ww3.freddiemac.com/loanlookup/ Here is the link to determine if your loan is owned by Fannie Mae https://www.knowyouroptions.com/loanlookup
No foreclosure or eviction following foreclosure until May 17, 2020
If you have a federally backed mortgage loan, the servicer is not allowed to initiate or finalize a foreclosure until May 17, 2020. If you are currently delinquent on your mortgage, this gives you at least another month to work something out with your lender to stay in your home. However, after May 17th, unless the provisions of the Act are extended, servicers can move forward with foreclosures.
