CAN’T PAY YOUR MORTGAGE OR RENT?

This Website Can Help

By Aly J. Yale, Senior Contributor
FORBES – Real Estate

If COVID-19 has you worried about making rent or paying your monthly mortgage, you now have a new resource to look to thanks to the CFPB.

The Consumer Financial Protection Bureau launched its new coronavirus mortgage and housing assistance website today, in conjunction with the Federal Housing Finance Agency and the Department of Housing and Urban Development.

The site breaks down the options homeowners have if they can’t pay their mortgage, as well as what protections are in place for renters. There are also details on the CARES Act, instructions for requesting forbearance, and tips for avoiding coronavirus-related scams.

According to Ben Carson, HUD secretary, the website is only the beginning and the Department is “prepared to take additional actions as needed.”

“This invisible enemy has a lot of Americans concerned about how they are going to stay safe and make ends meet,” Carson said. “No one should lose their home because of coronavirus, and this new website is full of resources to help property owners and renters navigate these unprecedented times.

The site’s launch is just the latest form of assistance to emerge for struggling homeowners and renters in light of COVID-19.    In March, the CARES Act put a stop to foreclosures (at least on government-financed properties), and in late April, Fannie Mae and Freddie Mac announced that no lump-sum payments would be due for homeowners in forbearance.

Just last week, the companies also launched digital tools to help renters in need. Freddie Mac’s property lookup tool lets renters see if their building is owned by the company. This would mean they’re protected from eviction—even if they don’t pay rent—through July 25.

Fannie Mae’s Renters Resource Finder does the same, though it also includes additional resources should the building not qualify for eviction protection.

“Renters and homeowners should not have to navigate a barrage of confusing and sometimes misleading information,” said Jeffery Hayward, executive vice president for Fannie Mae Multifamily. “Our Renters Resource Finder, part of our ongoing Here to Help education effort, will empower people in apartments to better understand their options.”