Stimulus Update: How To Stop Paying Your Mortgage and Rent | Stimulus Package
Channel: Paul Marcelin
Date: 2020-03-29

How To Stop Paying Your Mortgage and Rent Under The Stimulus Package

Under the stimulus package If have a mortgage, you probably are eligible for mortgage forbearance. You can pay $0 for up to 12 months, Stimulus Update 
The stimulus bill’s mortgage relief 

Protections against foreclosures and evictions

The bill would allow homeowners with federally backed mortgage loans to request loan forbearance that is, delayed payment for an initial period of 180 days, and that forbearance could be extended for another 180-day period if necessary. 

Homeowners must contact their mortgage servicers directly in order to request the forbearance

The bill includes housing protections against foreclosures on mortgages and evictions for renters.

The legislation says that servicers of federally backed mortgage loans may not begin the foreclosure process for 60 days from March 18.

The bill also does not allow fees, penalties or additional interest to be charged as a result of delayed payments. 
 It includes similar protections for those with multifamily federal mortgage loans, allowing them to receive a 30-day forbearance and up to two 30-day extensions.

Those with federally backed mortgage loans who have tenants would also not be allowed to evict tenants solely for failure to pay rent for a 120-day period, and they may not charge fees or penalties to tenants for failing to pay rent.

A nationwide relief plan for up to 4 million apartment renters across more than 27,000 properties, announced by Freddie Mac and Fannie Mae in cooperation with the Federal Housing Finance Agency (FHFA), lets landlords whose properties are financed with a Freddie Mac or Fannie Mae Multifamily loan defer loan payments for 90 days.
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