Guide to coronavirus mortgage relief options

From Michigan.gov: For More Info, Go Here…

This blog was originally published on March 31, 2020, and has been updated on April 24, 2020, to add more information including updated information about forbearance options.

If you’re among those financially impacted by the coronavirus pandemic, you might be concerned about how to pay your mortgage or rent. Federal and state governments, as well as financial institutions and loan servicers, have announced plans to help struggling homeowners during this time.

Keep reading to get information on what to do now, and what your options are for mortgage, rental relief, and utility disconnections.

Important things to know first

For many homeowners with mortgages, there’s help, but first assess your situation.

If you can pay your mortgage, pay your mortgage.

Don’t call your mortgage servicer if you aren’t facing an immediate issue. Mortgage servicers are getting a lot of calls and need to first help those who won’t be able to pay their mortgage. Check their website first for possible options.

If you can’t pay your mortgage, or can only pay a portion, contact your mortgage loan servicer immediately.

It may take a while to get a loan servicer on the phone. Loan servicers are experiencing a high call volume and may also be impacted by the pandemic. Please be sure to read this blog carefully so you are prepared for this conversation.

This blog includes information to help you understand:

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