Mortgage Relief Options for Homeowners

For homeowners who are finding themselves financially affected by the current pandemic, mortgage relief options are available. 

Federally Backed Loans

Fannie Mae and Freddie Mac have announced options who have lost income due to the national emergency. Homeowners impacted are eligible for a forbearance plan to either reduce or suspend mortgage payments for up to 12 months. Penalties and late fees will also be waived. 

Connecticut Mortgage Grace Period

In Connecticut, a 90-day grace period for mortgage payments is available for homeowners impacted by the current situation. An agreement with over 50 credit unions and banks will offer assistance to homeowners. In addition, financial institutions have agreed that accepting mortgage relief will not negatively impact credit scores. 

To apply for mortgage relief, contact your mortgage servicer directly, and as soon as possible. Keep in mind with the high volume of inquiries, it may take time to process your application.