A video and a guide to “mortgage relief options” have been developed by the federal consumer financial protection agency with an eye, the agency says, toward explaining to consumers how they can score mortgage forbearance if their finances are affected by the coronavirus crisis.
The nearly four-minute-long video focuses on mortgage forbearance, which was allowed under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted last week. The video notes that forbearance (which, along with a foreclosure moratorium, makes up a pair of homeowner protections in the law) is allowed for homeowners with federally backed mortgages who are experiencing a financial hardship due to the COVID-19 pandemic.
The video tells viewers that if they are having trouble making on-time payments due to the coronavirus emergency, “forbearance may be an option for you.” It observes that forebearance is a way for consumers to “get back on their feet” during short-term financial difficulty.
Website resources posted by the agency this week include information related to both forebearance and foreclosure moratoriums.
The agency notes, up front, that both methods of relief for homeowners are limited to those with a federally backed mortgage. However, the agency notes, “if you don’t have a federally backed mortgage, you still may have relief options through your mortgage servicer or from your state.”