Homeowners who have lost income or their jobs because of the coronavirus outbreak are getting some relief. Depending on their situation, they should be eligible to have their mortgage payments reduced or suspended for up to 12 months.
Federal regulators, through the mortgage giants Fannie Mae and Freddie Mac, are ordering lenders to offer homeowners flexibility. Under the plan, people who have suffered a loss of income can qualify to make reduced payments or be granted a complete pause in payments.
This is not a forgiveness of debt or free money. Homeowners need to contact their lender that they send the check to every month so the lender can work with them to be able to work out a payment plan. They may not just stop making payments.