If you’re a homeowner or renter worried about how to pay for your home now there may be help for you. First, Federal Regulators are ordering lenders to offer homeowners flexibility through the mortgage giants Fannie Mae and Freddie Mac--those homeowners could be eligible to postpone their monthly mortgage payments for up to 12 months.
Some regulators expect that the entire mortgage industry will adopt a similar policy.
Also, the Department of Housing and Urban Development or Hud is suspending evictions and foreclosures for the next 60 days.
Bottom line, if you’re struggling financially you should contact your Mortgage Servicer now and explain your current circumstances.
If you rent, also contact your landlord as soon possible because they might be willing to work with you.
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