COVID-19 Mortgage Assistance & Foreclosure Defense
State and federal governments have ordered mortgage assistance for many Coloradans as a result of the novel coronavirus pandemic. Our foreclosure defense attorneys will fight for you if you believe you are faced with a wrongful foreclosure.
What Kind of Mortgage Assistance is Available?
Foreclosure & Eviction Relief for Homeowners
Evictions and foreclosures have been temporarily halted for people who live in a single-family home with a mortgage that’s insured by the Federal Housing Administration (FHA).
The move comes amid the COVID-19 pandemic that has strained finances for families and businesses across the globe and right here in Colorado.
All foreclosure actions, those currently in progress, as well as those set to be initiated, are suspended until May 17. Evictions will also stop during this time period for people living in an FHA-insured single-family home.
Mortgage Suspensions & Refinance Options
The Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac, issued a similar order. The FHFA directed Fannie Mae and Freddie Mac to stop foreclosures and evictions to single-family homeowners until May 17, as well.
Additionally, Fannie Mae and Freddie Mac will allow mortgage payments to be suspended for up to a year for those who have lost their job or experienced a pay cut due to the COVID-19 pandemic.
Fannie Mae and Freddie Mac representatives are working with mortgage servicers, the company that manages loans and sends statements, to guarantee borrowers can get the help they need.
Contact our foreclosure defense attorneys if you believe you wrongly received a foreclosure notice during the 60-day moratorium.
So what should you do if you’re having a hard time paying your mortgage? Contact your mortgage servicer listed on your mortgage statement.
Who Own’s Your Mortgage?
If you have a mortgage, there’s a good chance it is owned by Fannie Mae or Freddie Mac.
That means the foreclosure-eviction stoppages and mortgage relief efforts probably apply to you.
Fannie Mae and Freddie Mac mortgage relief packages also include:
- Reduce or suspend mortgage payments for up to 12 months
- Following those 12 months, the mortgage servicer must work with the borrower to keep reduced payments in place or provide other loan modifications
- Homeowners will not incur late fees or penalties
- Past due payments related to COVID-19 will not be reported to credit bureaus
Fannie Mae and Freddie Mac purchase mortgages from lenders that, in turn, use the money to make more loans.
Find out if Fannie Mae owns your mortgage.
Mortgage Assistance in Colorado
Locally, Colorado Governor Jared Polis has encouraged lenders to cease foreclosures for the time being.
In addition to reaching out directly to your lender, there are local programs that may be able to assist you.
Robinson & Henry, P.C. Foreclosure Defense Attorneys
If you have been financially impacted by COVID-19, we can help you understand all of your options.
You can call us at 303-688-0944 to schedule some time to talk with an attorney for free, or you can set up a time online.