Where Can District Residents Turn for Help with Mortgages?
In addition to federal programs, many lenders have programs in place to assist homeowners who find it difficult to pay their mortgages. Homeowners can call the foreclosure prevention hotline at 202-265-2255 for assistance. Hotline counselors are available to help homeowners determine whether they are eligible for assistance through lenders or FHA, Fannie Mae, or Freddie Mac. Counselors also can help homeowners apply for assistance programs. District homeowners can also contact lenders directly to determine loan type.
FHA Program Specifics
- Homeowners must have an FHA-insured Single Family forward mortgage or a Home Equity Conversion mortgage (reverse mortgage)
- The program halts foreclosures and evictions until May 17, 2020
- Offers a forbearance plan (delayed payments)
- Homeowners may be eligible for a partial claim (payment assistance)
- Offers loan modification assistance to make mortgage payments affordable
Fannie Mae Program Specifics
- Homeowner must have a Fannie Mae-insured loan
- Program halts foreclosures and evictions until May 17, 2020
- Offers forbearance plan of up to 12 months (delayed payments)
- Can wave assessment and late fees
- Can suspend credit reporting while homeowner is enrolled in the assistance program
- Offers loan modification assistance to make mortgage payments affordable
Freddie Mac Program Specifics
- Homeowner must have Freddie Mac-insured loan
- Program halts foreclosures and evictions until May 17, 2020
- Offers forbearance plan of up to 12 months (delayed payments)
- Can wave assessment and late fees
- Can suspend credit reporting while homeowner is enrolled in the assistance program
- Offers loan modification assistance to make mortgage payments affordable
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