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Posted on: August 10, 2020

FEDERALLY BACKED MORTGAGE INFORMATION AVAILABLE FOR MONROE COUNTY HOMEOWNERS

Federally backed mortgage information for homeowners

For Monroe County residents experiencing mortgage payment difficulties due to financial hardship related to COVID-19, there are valuable options to help defer and reduce payments. This link provides helpful information about various options available to mortgagees, such as forbearance, payment deferrals at the end of a forbearance period, and loan modifications (in English and Spanish): https://www.fanniemae.com/heretohelp/kyo/index.html.

If your mortgage is covered by the CARES Act, meaning it is backed by the federal government (many mortgages qualify), limited documentation is needed to show that financial circumstances were/are impacted by COVID-19. Under the CARES Act, federally backed mortgagees may extend forbearance plans for up to 12 months. Right now, there is still a federal moratorium on evictions and foreclosures of single-family properties with federally backed mortgages through Aug. 31, 2020.

To determine if your mortgage qualifies for assistance under the CARES Act, visit https://www.knowyouroptions.com/loanlookup. In addition, many local banks/credit unions who may be holding mortgages (not federally backed) may have programs in place to forebear or defer payments. Monroe County also has a local rental and mortgage relief funding program for those who are behind in payments at www.monroecounty-fl.gov/covidhousingassistance.

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