For New York’s homeowners who have found their income slashed by the coronavirus shutdown, the state and federal governments are coming up with assistance programs. However, the mortgage relief being offered to homeowners has many renters asking whether they will get the same support.
Borrowers nationwide are being told mortgage payments backed by Fannie Mae and Freddie Mac can be suspended for up to 12 months if you’ve lost income as a result of the pandemic. That doesn’t mean you can just stop paying—the message from Mark Calabria, director of the Federal Housing Finance Agency, is to reach out to your mortgage company as soon as possible and explain your situation. The paperwork can follow later.
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