At the start of the year, mortgage delinquencies were at the lowest level in more than 40 years. That could change, as more people struggle due to the COVID-19 pandemic.
Due to COVID-19 and the impact it will have on consumers financially, businesses, banks and corporations have announced measures to help those impacted the most. Among those are mortgage companies.
The mortgage industry biggest trade and lobbying groups are pushing the federal government for widespread relief for all borrows affected by COVID-19. The letter is signed by 10 separate groups which include: The Mortgage Bankers Association, The American Bankers Association and the Consumer Data Industry Association.
If your mortgage is backed by Fannie Mae, Freddie Mac or the Federal Housing Administration, you may be able to suspend or lower your payments. Other mortgage lenders may be offering similar relief for their borrows.
Fannie Mae and Freddie Mac are also offering mortgage forbearance to apartment building owners if they agree to not evict tenants who face financial hardships.
Our firm will be investigating to make sure these mortgage companies follow through and do what they say in order to help their borrows during this difficult time. If you or someone you know ends up being impacted by your mortgage company not following through on their announced procedures during COVID-19, Maginnis Law’s consumer law attorneys are here to help you.
Maginnis Law’s consumer law attorneys are committed to helping consumers like you who have been wronged by banks or big corporations. You can reach our firm’s consumer law attorneys by phone at 919.526.0450 or email us at firstname.lastname@example.org.