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If the coronavirus outbreak has resulted in job loss, income reduction, sickness, or other issues, the Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, and the Federal National Mortgage Association, commonly known as Fannie Mae, offer mortgage relief options for homeowners.

Home Loan Mortgages

More than 95 percent of home loan mortgages in the United States are owned by Freddie Mac or Fannie Mae, regardless of where you make payments.

  • Homeowners affected by the current national emergency are eligible for a mortgage forbearance plan to reduce or suspend their mortgage payments for up to 12 months. Homeowners in a mortgage forbearance plan will not incur late fees or have past-due payments reported to credit bureaus.
  • After forbearance, a servicer must work with the borrower on a permanent workout option to help maintain or reduce monthly payment amounts as necessary, including a loan modification.
  • The suspension of foreclosure sales and evictions is effective immediately and applies until May 17, 2020.

Step One

The first step is to determine if your mortgage loan is owned by Freddie Mac or Fannie Mae.

Step Two

The second step is to work with your mortgage servicer.

  • Freddie Mac and Fannie Mae have instructed servicers to work with borrowers who are unable to make their mortgage payments to ensure that they are evaluated for a forbearance plan or other appropriate assistance.
  • Homeowners with a Fannie Mae–owned mortgage loan may also work with Fannie Mae‘s Disaster Response Network by calling (877) 833-1746.

Other Mortgage Loans

If your mortgage loan is not owned by Freddie Mac or Fannie Mae

  • Several lenders have some form of mortgage relief programs to support homeowners affected by COVID-19.
  • Contact Hardest Hit Alabama, which offers programs to meet the needs of unemployed Alabama homeowners facing financial hardships. Visit https://www.hardesthitalabama.com/or call (877) 497-8182.
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