Many borrowers won’t have to make missed mortgage payments all at once

The Federal Housing Finance Agency affirmed Monday that borrowers who are approved to pause or temporarily reduce their mortgage payments and whose loans are owned by Fannie Mae or Freddie Mac are not required to make a lump-sum payment when the relief period ends. The independent federal agency oversees Fannie Mae and Freddie Mac, government-sponsored entities that purchase mortgage loans from lenders and back more than 40 percent of U.S. mortgages, according to the Urban Institute.

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Qwest Review

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Qwest Review

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Mortgage Chaos Threatens to Worsen Once It’s Time for Repayment

The mortgage market has been disrupted by millions of borrowers postponing payments because of coronavirus. But lenders and veterans of the 2008 financial crisis warn the real chaos won’t start until the pandemic passes.

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Frontliners Discount

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Credit Score Sick?

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How COVID-19 Payment Accommodations May Affect Your Credit

If you’ve been affected by COVID-19, you may be eligible for relief in paying bills. That can help you prevent damage to your credit from late payments at a time when protecting your credit could help increase your financial resilience.

But hardship and forbearance programs are not automatic — you have to apply for most of them. And you’ll want to understand how they will affect your credit reports and scores.

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