Call Freddie Mac Phone Number for Lenders: Understanding Mortgage Relief Options During the Pandemic

The ongoing COVID-19 pandemic has brought unprecedented challenges to individuals and families, including those struggling to make their mortgage payments. In response, various government agencies and lending institutions have implemented measures to provide relief to borrowers in financial distress. If you're facing difficulties in paying your mortgage, it's essential to know that you can call Freddie Mac phone number for lenders to explore your options.

One such option is forbearance, which allows homeowners to temporarily suspend or reduce their mortgage payments due to financial hardship. Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act legislation, borrowers in forbearance will not be charged late fees or reported to credit bureaus, providing a much-needed reprieve during this challenging time.

The CARES Act also introduced a foreclosure moratorium on federally backed loans, which expired on July 31, 2021. However, there is no deadline to apply for initial forbearance for homes backed by Fannie Mae and Freddie Mac, as well as other government-backed loans such as those from the Department of Veterans Affairs (VA), Department of Agriculture (USDA), or the U.S. Department of Housing and Urban Development (HUD) Federal Housing Administration (FHA).

If your mortgage is backed by the federal government, you may be eligible to suspend payments for up to 18 months if you experience financial hardship related to the financial crisis of 2020. This provision was included in the 2020 CARES Act and subsequent legislation.

To take advantage of these mortgage relief options, it's crucial to act promptly. Borrowers can call Freddie Mac phone number for lenders to discuss their individual situation and explore available relief measures. By doing so, homeowners can avoid foreclosure, reduce financial stress, and get back on track with their mortgage payments once the pandemic subsides.

In conclusion, the pandemic has brought about unprecedented challenges for mortgage borrowers. However, by understanding the various relief options available, including forbearance and government-backed loan programs, homeowners can find much-needed assistance during this difficult time. If you're struggling to make your mortgage payments, don't hesitate to call Freddie Mac phone number for lenders to learn more about your options and take advantage of the relief that's available to you.

Call freddie mac phone number for lenders