The coronavirus pandemic has brought with it a lot of uncertainties, among which is the fear by house owners that they would be unable to pay their mortgages due to the unfavourable economic climate caused by the pandemic. The Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA), and U.S. Department of Housing and Urban Development (HUD) are collaborating and making a concerted effort to cushion the effects of the pandemic on homeowners.
Under the Corona Aid, Relief, and Economic Security Act, homeowners can get mortgage leniency if they have a mortgage backed by the federal government, and they are able to prove that their economic hardship has been caused by the coronavirus national emergency. Also, if you are a tenant and the house you are renting has a mortgage that has been backed by the federal government, you will be covered by the CARES Act that prevents you from being evicted by placing a suspension on evictions.
Furthermore, house owners and tenants have to be alert to the various scams that have been doctored by people who are looking to prey on the desperation of real estate owners in this period. If you receive any information from anyone about your mortgage or rent, please run that information by the official government sources to verify if the information is indeed reliable.
If you are having problems accessing any financial service, please contact your company first. If they do not respond, contact any of the agencies mentioned above for assistance.
For more information, please check this website.
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