Mortgage payment holiday
Lexington County homeowners are in for a break.
Depending on your situation, you may be eligible to have your mortgage payments reduced or suspended for up to 12 months.
Federal regulators, through mortgage lenders Fannie Mae and Freddie Mac, are ordering lenders to offer homeowners flexibility during the covid-19 crisis.
This covers about half of all home loans in the US.
But regulators expect the entire mortgage industry will quickly adopt a similar policy, National Public Radio reported.
Under the plan, people who have suffered a loss of income can qualify to make reduced payments or be granted a complete pause in payments.
Homeowners can't just stop paying their mortgage.
You need to contact your lender you send the check to every month.
Your lender will work out a payment plan until you are back on your feet.
This is not a forgiveness of debt or free money.
Homeowners will work out a repayment plan once they recover financially.
This may involve just extending your loan term.
Fannie and Freddie are directing lenders not to report people to the credit bureaus for late or missed payments if they are in one of these forbearance plans.