Managing Money In A Crisis
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Mortgage assistance for borrowers affected by the coronavirus
Access federal and state programs for homeowners grappling with COVID-19.
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We’ll update this page as new details emerge in the world’s response to COVID-19.
As businesses and offices close their doors to comply with government shutdowns to slow the spread of COVID-19, more Americans are finding themselves without a regular paycheck. Fortunately, a growing number of programs are available to help homeowners struggling to make their mortgage payments.
What's in this guide?
Does the coronavirus stimulus package include mortgage relief?
It does. The Coronavirus Aid, Relief and Economic Security (CARES) Act allows you to apply for deferment for up to six months on federally backed mortgages, with no additional interest or fees. After those six months are up, you can apply for an additional six months of forbearance.
Reach out to your lender about the steps you need to take to apply.
3 types of mortgage assistance available
The assistance available to you depends on the type of loan you have.
| Loan type and holder | Mortgage assistance |
|---|---|
| Federal Housing Administration (FHA) loans | The FHA supports a suite of assistance options designed to help distressed borrowers stay in their homes, including those affected by the coronavirus. |
| Fannie Mae and Freddie Mac | These lenders offer forbearance to homeowners who can’t afford to make their monthly payments due to temporary hardship. To qualify for hardship, you must prove you’ve experienced:
|
| US banks and conventional lenders | Following a prompt from the Federal Deposit Insurance Corporation (FDIC), many lenders are assisting affected borrowers with repayment plans and forbearance assistance. Call your lender’s general customer support line or visit its website for coronavirus updates. |
US banks and lenders
If you find yourself in a situation where you’re at risk of missing your mortgage payments, contact your bank or lender immediately. Most companies are willing to work with you on a plan to get back on your feet.
Banks and companies offering help to those affected by the coronavirus
Help ranges from extended due dates to waived fees and more. Call your bank or mortgage company for the most current assistance for your specific loan. The contact information below represents a sample of mortgage lenders offering assistance.
| Bank or mortgage company | How to contact |
|---|---|
| Ally Bank | 866-401-4742 |
| Bank of America | 800-669-6608 |
| Capital One | Contact a rep through the app or call 877-383-4802 |
| Chase | Call the number on your monthly mortgage statement |
| Citibank | Call service provider Cenlar FSB at 800-223-6527 |
| Quicken Loans/Rocket Mortgage | Log in to your online account for self-service forbearance assistance or call 800-251-9080 |
| TD Bank | 888-751-9000 |
| Truist (formerly BB&T and SunTrust) | BB&T borrowers call 800-226-5228 SunTrust clients borrowers call 877-820-2103 |
| U.S. Bank | 888-869-3557 |
| Wells Fargo | 888-818-9147 |
Mortgage assistance programs by state
Most states support programs designed to help struggling homeowners avoid foreclosure and stay in their homes.
Federal Housing Administration
Through its Making Home Affordable program, the Federal Housing Administration (FHA) supports a suite of assistance options designed to help distressed borrowers stay in their homes, including those affected by the coronavirus.
Call the FHA Outreach Center at 800-225-5342 to get started.
Fannie Mae and Freddie Mac
Fannie Mae and Freddie Mac offer forbearance — or delayed payments — to homeowners struggling to make payments because of temporary hardship.
Eligible hardships include unemployment, a reduction in income and disasters — like the coronavirus — that affect your place of employment. If Fannie Mae or Freddie Mac owns your mortgage, contact your mortgage servicer to see if you qualify for a forbearance plan.
Risks of mortgage assistance programs
When you’re worried about how you’ll make your next payment, your primary concern is avoiding foreclosure so you can stay in your home. So you’re not caught off guard, prepare for two possible outcomes that come along with these programs:
- May lower your credit score. Your score may decrease slightly if your lender reports deferred payments from a forbearance plan as delinquent. Loan modifications are sometimes considered debt settlement, which can also lower your score.
- Can eat into your escrow. If you pay your insurance premiums or taxes from an escrow account, programs like forbearance plans may result in your account coming up short. Talk with your lender to learn how to prevent owing more money to top it back up.
Other ways to manage your finances
In addition to seeking help for your mortgage, you may want to look for assistance programs for other financial needs:
- Credit card relief. Several credit card issuers are offering assistance and support programs to cardholders.
- Student loan support. Interest for most government student loans is reduced to 0% in response to COVID-19. Deferment and forbearance options for private student loans vary, but borrowers may be eligible for certain programs no matter the servicer or lender.
- Small business loans. Across the country, many small businesses are struggling with decreased revenue. Small business loans are available to those who qualify.
- Personal loan assistance. Borrowers should reach out to their lenders to see what financial assistance is available for personal loan payments.
Bottom line
Federal and state mortgage assistance programs can help homeowners struggling to make their mortgage payments, including those affected by the coronavirus. But let your first step be a call to your lender to explain your situation and learn about relief programs you might be eligible for. And make sure you understand the full cost of deferring repayments before you sign up.
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