Home Loan Assistance During The Covid- 19 Pandemic
The Coronavirus Pandemic has taken a toll on people and their loved ones. It has forced millions of people into unemployment through no fault of their own. Lives and families have been turned upside down. Millions suddenly have no income to pay the rent or mortgage and are risking homelessness! Statistics from GOBankingRates show 69% of Americans have less than $1000 in a Savings Account. 45% had $0 in a Savings Account at the onset of this crisis! Peoples savings are deleted and they need some kind of home loan assistance to help with their mortgage as well as home rental assistance.
Home Loan Assistance For Homeowners With Government Backed Mortgages
A Federal Law was put in place to protect homeowners with Federal or Government Sponsored Enterprise backed Mortgages (Fannie Mae, Freddie Mac, FHA, VA, USDA). Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, your lender or loan servicer cannot foreclose on you until at least December 31, 2020. (The current Stimulus Package being worked on in Congress may extend that date).
Also, if you experience financial hardship caused by the Coronavirus Pandemic. You have a right to request and receive a forbearance of up to 180 days. In addition, you can also request a forbearance extension of another 180 days for a total of 360 days. You must contact your loan servicer or provider to request this forbearance. No extra fees, interest or charges shall apply for this forbearance. For some government-backed mortgages there is a December 31, 2020 deadline. So apply immediately if needed.

What Is Mortgage Forbearance?
Mortgage Forbearance is when your mortgage lender allows you to postpone or reduce mortgage payments for a limited amount of time. It does not erase or cancel your mortgage payments. You will still be required to repay your missed or reduced mortgage payments.
There are many types of forbearance programs and options associated with Mortgage Forbearance. Make sure you understand the requirements involved with each program. Contact your mortgage Lender for details.
Housing Rental Assistance During The Pandemic
Many people affected by the Coronvirus Pandemic are also having problems paying the rent for their homes because of their forced and unforseen unemployment. If you are having problems paying your rent, the Centers for Disease Control and Prevention (CDC) has temporarily issued an order to halt certain residential evictions for not paying the rent.
You must meet certain eligibility requirements to qualify. The CDC Order does not protect you from being evicted for violating other parts of your lease agreement, such as violating the rules of the place you rent. If you are having financial hardship due to the Coronavirus Pandemic and difficulty paying the rent. Do not wait. Apply immediately for this protection to avoid eviction. The Order prevents you from being evicted through December 31, 2020. (Although, the Order may be extended).
Every adult on the lease seeking protection from being evicted will need to fill out a Declaration Form and give it to the Landlord, Owner or Property Manager of the property where they live.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act
In addition to certain Mortgage protections. The CARES Act Eviction Moratorium authorizes additional eviction and late fees protections to certain tenants of federally subsidized or federally backed housing. The CARES Act eviction protections apply to you if:
- You or your Landlord receive assistance through Federally subsidized housing programs
- You receive Federal rental assistance through a housing voucher program
- Your rental home has a Federally backed mortgage
If you are having difficulty paying your rent on time or may need housing payment assistance or eviction protection. Contact your Landlord or Property Manager immediately. Remember, the Moratorium protects you from eviction but the rent is still due. Once the Moratorium is over A rental repayment plan may help you avoid eviction. Be honest and upfront with your Landlord about your plans to repay back rent.
In Conclusion
Unfortunately, many people have lost their jobs because of the Coronavirus Pandemic. Millions are struggling to survive and make ends meet. Through programs like the CARES Act some housing assistance and protections are available. As well as other benefits provided through Federal, State and County Government. Go here to view more rental assistance programs in your State.