Is COVID-19 Affecting Your Ability to Pay Your Mortgage or Rent?
If COVID-19 has impacted your ability to pay your mortgage or your rent, help is available. Read on to learn what your next step should be.
No one can escape being affected by COVID-19. As the country grapples with this public health emergency, you may be facing financial uncertainty as well since so many businesses are grinding to a halt.
If you cannot pay your mortgage or your rent because of the impact of COVID-19, Morningstar Urban Development Inc. may be able to help you.
Last week, President Trump signed into law a $2 trillion economic relief plan to help Americans get through the crisis. A provision in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) applies to homeowners and provides up to 12 months’ of suspended payments to homeowners who experience financial hardship because of the COVID-19 emergency.
Homeowners that are eligible include those with mortgages backed by Fannie Mae and Freddie Mac; insured by HUD, VA or USDA, or are directly made by the USDA.
Renters may also be able to get some relief as a result of this new law. If your landlord’s mortgage is insured or backed by HUD, Fannie Mae, Freddie Mac, the rural housing voucher program or the Violence Against Women Act of 1994, they temporarily cannot evict you or penalize you for non-payment of rent if you have a COVID-19-related financial hardship.
If you don’t know if you are eligible or want guidance on how to take advantage of this new law, contact us so we can help guide you in the best way.