Relief for Homeowners and Renters
In our continuing effort to keep our clients and business community informed about the recent developments resulting from the COVID-19 pandemic, here is a more in-depth discussion of some of the recent relief provided to individuals and businesses by the U.S. government.
Mortgage Relief for Homeowners
Servicers of federally backed mortgages are required to postpone mortgage payments if requested by the borrower, provided the borrower affirms financial hardship due to COVID-19. The postponement must be granted for up to 180 days and extended for an additional period of up to 180 days if requested by the borrower. During the mortgage forbearance period, interest will still accrue, but additional fees, penalties or extra interest cannot be added to the mortgage balance.