Under the newly enacted CARES Act, you can legally stop making your mortgage payment for up to one full year. Here's what you need to know.

RESOURCES MENTIONED IN PODCAST

* Freddie Mac: https://myhome.freddiemac.com/own/getting-help-disaster.html
* Fannie Mae: https://www.knowyouroptions.com/covid19assistance
* Freddie Mortgage Lookup: https://ww3.freddiemac.com/loanlookup/
* Fannie Mortgage Lookup: https://www.knowyouroptions.com/loanlookup

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VIDEO NOTES

Sec. 4022 of the CARES Act (Coronavirus Aid, Relief and Economic Security Act)

1. Applies to mortgages back by the federal government, such as
* FHA Loans
* VA Loans
* Freddie Mac
* Fannie Mae
2. Homeowners Relief--You Can Pause Payments
* 180 days
* 180-day extension
* Important-Request for extension should be made during the initial 180-day forbearance
* You can shorten either the initial request or extension
3. Interest and Fees
* No fees, penalties or interest beyond the amounts scheduled or calculated as if you had made all your payments shall accrue
4. No hit to your credit score
5. Types of Properties
* Owner occupied
* A second home
* Investment property
6. How to Request Forbearance
* Contact your mortgage servicer
* Affirm that you are experiencing a financial hardship due, directly or indirectly, to COVID-19
* NO ADDITIONAL DOCUMENTATION REQUIRED
* You don't have to affirm that you are unable to pay your mortgage
7. Foreclosure Moratorium-For a 60-day period beginning on March 18, 2020
8. Loan Modifications-To provide mortgage payment relief or keep payments the same after the forbearance period

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While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. Today I'm the Deputy Editor of Forbes Advisor, managing a growing team of editors and writers that produce content to help readers make the most of their money.

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RBS 007: COVID-10 Mortgage Relief Under the CARES Act

The Rob Berger Show

RBS 007: COVID-10 Mortgage Relief Under the CARES Act