HOUSING
Numerous mortgage lenders have said they
are willing to work with distressed borrowers,
including potentially suspending or reducing
payments. Contact them immediately to find
out about your options.
If you hold a mortgage backed by Fannie Mae
or Freddie Mac — about half of all mortgage
holders do — there is help. The mortgage
buyers have suspended all foreclosures and
evictions for homes owned by their companies.
They’ve also expanded their forbearance
program, which could suspend payments
for up to a year. Ask the company you make
your payments to if you hold a Fannie or
Freddie loan.
The federal government has also halted
foreclosures and evictions for mortgages
insured by the Federal Housing Administration.
Renters’ fate depends on where they live and
who they rent from. Reach out to your landlord
or property management company to ask for
leniency. Several cities, such as Seattle, San
Francisco and Boston, have halted evictions due
to the coronavirus.
UTILITIES
Gas, electric, and other utility providers often
have assistance programs for customers who
cannot pay in full. There are also government
and charitable programs to help low-income or
struggling households. Ask the utility provider
for referrals or call 2-1-1 for help finding local
social service programs or charities. Several cities
and regions have opted to halt utility shutoffs.