{"id":17853,"date":"2020-05-14T12:56:15","date_gmt":"2020-05-14T17:56:15","guid":{"rendered":"https:\/\/www.zealcu.org\/?p=17853"},"modified":"2020-06-03T08:11:02","modified_gmt":"2020-06-03T13:11:02","slug":"mortgage-relief","status":"publish","type":"post","link":"https:\/\/www.zealcu.org\/mortgage-relief\/","title":{"rendered":"Mortgage Relief"},"content":{"rendered":"

Guide to Coronavirus Mortgage Relief<\/strong><\/span><\/p>\n

On April 23rd<\/sup>, Governor Gretchen Whitmer and the Michigan Department of Insurance and Financial Services (DIFS) announced the creation of the MiMortgage Relief Partnership<\/strong> to ensure no one experiencing financial hardship due to COVID-19 will lose their home during this public health crisis.  For many homeowners with mortgages, there is help.  But first, you must assess your situation:<\/span><\/p>\n

What Options Do You Qualify For?<\/strong><\/span><\/p>\n

Mortgage relief options depend on who owns or backs your consumer mortgage.<\/span><\/p>\n

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  1. First, figure out who services your mortgage. This is who you need to contact.<\/strong><\/span>
    \nYour mortgage servicer is the company that you send your mortgage payments to each month. If you don\u2019t know or can\u2019t remember who currently services your mortgage, there are several ways to find out, including looking at your mortgage statement for contact information.<\/span><\/li>\n
  2. Second, figure out if your mortgage is federally backed.<\/strong><\/span>
    \nNearly half of the nation\u2019s mortgages are owned or backed by Fannie Mae or Freddie Mac. To look up online whether your mortgage is owned or backed by Fannie or Freddie, click these links:<\/span><\/p>\n

    Is my loan backed by <\/span>Fannie Mae?<\/a><\/span><\/span>
    \nIs my loan backed by     Freddie Mac?<\/a><\/span><\/span><\/p>\n

    To verify whether you have an FHA, VA or USDA loan, find your closing documents (either hard copies or electronic versions) and look for the “Closing Disclosure.” In the upper right of the first page of this document, under \u201cLoan Information,\u201d you\u2019ll see checkboxes indicating your loan type: conventional, FHA, VA or other. If you can\u2019t locate this document, try looking at your monthly mortgage statement or contacting your lender at the phone number listed on the statement.<\/span><\/li>\n<\/ol>\n

    Borrowers with Mortgages Backed by the Federal Government<\/strong><\/span><\/p>\n

    If you have a federally backed mortgage<\/strong>, you have two mortgage relief options under the CARES Act:<\/span><\/p>\n