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*This post is sponsored by Fannie Mae. All opinions are 100% my own.
It’s no secret that the pandemic has impacted many families across the world. Chances are you know someone who has been financially affected. Maybe they lost their job, their hours got cut back, or their business went under. In fact, maybe you are the person that has been financially impacted.
And while so many are suffering due to pandemic-related job loss and unexpected layoffs, there is also a housing crisis across the nation. Many families are struggling to pay their mortgage or rent. If your family has been affected, or if you know someone who has, then you understand the stress and frustration that comes with not knowing how you’ll pay your housing costs this month.
Thankfully, Fannie Mae’s Here to Help Campaign is here to offer financial relief during these tough times. In this article, we will walk through options for both homeowners and renters who are struggling financially due to the COVID-19 pandemic.
Understanding Mortgage and Rent Relief
It’s easy to understand how to cut back on your cable or phone bill. Simply call and talk to your provider. And if you want to spend less on groceries, you know you need to make a meal plan and stick to a list.
But what happens if you cannot afford your mortgage or rent? How can you find the right support during these hard pandemic times?
Even a simple Google search can cause more confusion when it comes to rent or mortgage relief. You might be left wondering who on earth you can trust and how to know if the relief you find is legit. All of the confusion might be enough to make you want to give up and simply skip a mortgage payment…again.
Thankfully, Fannie Mae is helping Americans get mortgage or rent relief. Their ultimate goal is to HELP.
To help you be able to find a solution to your needs.
To keep you in your safest place…your home. Fannie Mae’s Here to Help website and tools include free, clear, and trustworthy resources for homeowners and renters nationwide to help provide financial relief to overcome the current crisis.
Mortgage Relief During A Pandemic
It’s no surprise that many Americans are struggling to make mortgage or rent payments in these unprecedented times. If this is you, then understand that while this season may be a struggle, you have options!
First and foremost, reach out to your mortgage company (the person you send your mortgage payment to each month). Tell them that you are struggling and ask if they can help you come up with a plan that works for you, such as a forbearance plan.
What is forbearance?
If you are a homeowner and struggling to make payments due to financial hardship, then you might qualify for forbearance. This is a temporary plan for reducing or even suspending your mortgage payments for a period of time.
While forbearance doesn’t erase the amount you owe, it can help you reduce your payments. This is a great option for those that are struggling and need to focus on taking care of their family by buying food and paying for utilities.
Remember: this isn’t a forever plan. Want to learn more about forbearance? Head to knowyouroptions.com to determine if this is a good option for you.
How do I know if forbearance is right for me?
Every person’s situation is unique. Forbearance helps with short-term hardships by reducing or suspending mortgage payments while you regain financial footing.
If you own your home and are experiencing financial hardship as a result of COVID-19, you may be able to temporarily reduce or suspend your mortgage payments to help you stay in your home. Visit knowyouroptions.com to learn more about what a forbearance plan is, what to expect and how to get started.
What happens after forbearance?
Before your forbearance plan ends, your mortgage servicer should contact you to discuss your situation and provide options for moving forward. While you will be expected to pay your missed mortgage payments eventually, you might not have to pay them all at once.
Thankfully, Fannie Mae has your back and wants to help keep you in your home during these difficult times. They are committed to walking you through your options so that the most important part of your life, your home, doesn’t fall apart.
Be sure to check out knowyouroptions.com to see what’s the next best step for you as a homeowner.
Rent Relief During A Pandemic
If you’re currently renting and struggling with making your monthly payments due to being impacted by COVID-19, you certainly aren’t alone. And let’s be real…the last thing you need is to be removed from your rental. During these tough times, you need stability more than ever.
Thankfully, you have a go-to source for trusted updates as new information about rental assistance is released throughout the year. Instead of spending your precious time searching on Google for what your next step should be if you can’t pay rent, check out knowyouroptions.com.
Here’s the good news! If your multifamily property is Fannie Mae-financed, then you have options.
If your rental is not Fannie Mae-financed, don’t stress. The CDC has an order that temporarily halts evictions until March 31, 2021. Every state is different, so be sure to take time and see which state and local resources are available for rental assistance. You might qualify for rental assistance in your area if you meet certain criteria.
The Bottom Line
Your home is your family’s safe place. It’s the place where you make memories, have the tough conversations, and hold your children tight. During difficult times, it’s important to hold on to that safe place. If you’ve been financially impacted by COVID-19, then you have options available to you. The problem is that these options can be difficult to understand and confusing to navigate.
Instead of putting off these relief programs, check out your options at knowyouroptions.com. These tools and resources are a trusted source so you can make the best decision on the next step for you and your family.