Mortgage Relief During the COVID-19 State of Emergency

Good Morning;

I hope this message finds you all healthy, safe, and doing well.

Federally Back Mortgages: If you find yourself in a position where you're unable to make your mortgage payment as a result of the coronavirus outbreak, recently enacted legislation, known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act directs lenders holding federally backed mortgages to suspend borrowers' payments for up to 12 months if they have lost income because of the coronavirus outbreak. The law also suspends foreclosure and foreclosure-related eviction action and changes the rules regarding credit reporting during some or all of the coronavirus emergency period.

Federally Backed Mortgages Include mortgages:

• Insured by the Federal Housing Administration (FHA)

• Insured under section 255 of the National Housing Act

• Guaranteed under section 184 or 184A of the Housing and Community Development Act of 1992

• Guaranteed or insured by the Department of Veterans Affairs

• Guaranteed, insured, or made by the Department of Agriculture

• Purchased or securitized by the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association

If You Have a Non-Government Backed Mortgage

Federal regulators believe most non-government-backed lenders and servicers will adopt policies similar to those mandated by the CARES Act. To find out, contact your loan servicer, ask what programs they have in place to help homeowners impacted by the coronavirus outbreak and follow any instructions you are given.

Although the CARES Act does not require private lenders to offer relief, if you and your lender come to any type of loan modification agreement, the law regarding not reporting reduced or paused payments to credit bureaus does apply to you

A full explanation of CARES ACT Mortgage Relief is available at the Consumer Financial Protection Bureau by clicking on the following link:

https://www.consumerfinance.gov/about-us/blog/guide-coronavirus-mortgage-relief-options/

Stay Safe, Stay Healthy, and Stay Informed.