If you hold a mortgage backed by Fannie Mae or Freddie Mac, you’ll see immediate relief. About half of all mortgages are backed by these government entities. If you have trouble paying your mortgage, they’ve expanded their forbearance program, which can suspend payments up to one year. Loans held by the FHA, Fannie Mae, and Freddie Mac have suspended foreclosures and evictions for the time being. You may be eligible to suspend your payments up to 90 days. Call your mortgage servicer to discuss who your loan is insured by and what your options are.
Keep in mind, at the end of the delayed period you will likely owe the full balance. Make sure to discuss all aspects, not just the current benefits, with your servicer so you can make an informed decision. We recommend paying as many of your bills as possible to avoid debt buildup at the end of the pandemic. Try using this stay-at-home order to rebalance your finances and budget.
There is an increased risk of scams and fraud during this crisis. Protect yourself by reading the materials provided, avoiding any solicitations requiring up-front cash payments, and asking questions. If you think you may have been a victim of a scam, contact the U.S. Department of Justice Disaster Fraud Hotline at 1-866-720-5721.
If you, like many Americans, are concerned about your retirement plan during this unnerving time, consider discussing it with a financial professional. At RGA, we offer free virtual video and phone sessions to help you determine if your current plan aligns with your goal and realistic needs. To choose a time to review your plan, click the button below.
At market close today, April 1st, 2020, Dow Jones, S&P 500, and NASDAQ all saw decreases. The Dow dropped by 4.44% with a 973.65 point decrease, while the S&P 500 sunk by 4.41% with a 114.09 point decrease, and the NASDAQ declined by 4.41% with a 339.52 point decrease.
