7 Things You Should Know When You’re Struggling to Pay Your Mortgage

Photo by Vitalii Vodolazskyi from Shutterstock

1. Request Mortgage Forbearance

Both the Federal National Mortgage Association (FNMA), commonly known as Fannie Mae and Fannie May (the Federal Home Loan Mortgage Corporation) released guidelines for mortgage forbearance related to COVID-19.

Basically, both of them are offering mortgage forbearance to those borrowers who are financially affected by the novel coronavirus for up to 12 months. So, if your mortgage payment issues are due to COVID-19, you can reduce or simply suspend your payments for that period of time.

Also, any related mortgage delinquency won’t be reported to the credit bureaus, so your missing payments won’t affect your credit score. After the mortgage forbearance is over, lenders will have to work with you, the borrower to modify loans in order to lower monthly payments as necessary.

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