Worried about your Mortgage?

Many homeowners are experiencing financial hardship during the COVID-19 pandemic or are worried that they will experience such hardship soon. Here is a comprehensive guide for all you need to know that was issued by the Housing Finance Policy Center of the Urban Institute.  The Guide to Mortgage Solutions During the COVID-19 Pandemic will help homeowners who are worried about making their mortgage payments understand what resources may be available and how to obtain it. 

The Urban Institute is the trusted source for unbiased, authoritative insights that inform consequential choices about the well-being of people and places in the United States. They are a nonprofit research organization that believes decisions shaped by facts, rather than ideology, have the power to improve public policy and practice, strengthen communities, and transform people’s lives for the better.

Have you checked your Credit Report Lately?

It’s always important to keep an eye on your credit report to ensure there aren’t any errors or fraudulent activity. This is especially true during COVID-19 because of its impact on the economy and an increase in potential scams. As you know, your credit score is based on your credit report so you want to be sure to correct any errors as soon as possible.

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FHR Public Statement on Racism and Housing

At Family Housing Resources, our vision is a community with equal access to quality, affordable housing, and pathways to increased wealth and financial freedom. We dedicate our work to providing resources and improving access to what is a basic human right, housing.

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#GivingTuesdayNOW Video Update

Meghan Heddings, Executive Director

In honor of #GivingTuesdayNow Family Housing Resources (FHR) Executive Director Meghan Heddings shares a brief update on COVID-19 safety meassures, Down Payment Assistance (DPA) thank yous, and the outreach happening at our residential properties. We invite you to keep connected through our newsletter and would be so grateful if you are moved to make a donation to our work.

Student Loan Debt Relief

Do YOU have Student Loans?

If you answered yes, please read some important facts to know regarding your Student Loans and how they have been affected by the Covid-19 Pandemic.

  • The pause on most federal student loans is automatic and you DO NOT need to opt-in. Eligible federal students are automatically being placed in an administrative forbearance from March 13, 2020 until September 30, 2020. Auto-debits are suspended during this period. If you already made a payment after March 13, you can request a refund by contacting your servicer. During this time, interest on most federal student loans will be changed to 0%. Servicers are required to contact you no later than August to remind you that your payments will resume in October, 2020.
  • Most, but not all, Federal Loans qualify for these new benefits including the 6-month payment pause and 0% interest. Under the law, federal Direct Loans all qualify as well as Federal Family Education Loans (FFEL) that are held by the Department of Education. The Department of Education guidance explicitly states that the 0% interest benefit applies to all federal student loans, but excludes commercially-held FFEL loans, college-held Perkins Loans, and private loans.
  • The Department of Education states that suspended payments WILL be counted toward PSLF if you meet all other loan forgiveness requirements. These requirements include if: (1) you have direct loans, (2) were on a qualifying repayment plan prior to the event, and (3) continue to work for an eligible employer. If you have any questions regarding your ability, contact FHR to schedule an appointment with a Certified Student Loan Counselor.
  • On March 25, the Department of Education announced a pause on debt collection against borrowers who are in default— including wage garnishment, reduction of tax refunds, and reduction of Social Security and Social Security disability benefits. The pause on debt collection applies only from March 13, 2020 to September 30, 2020. If collections against you were being processed after March 13, you are eligible for a refund on that amount. The Department of Education already announced that it would refund more than 830,000 borrowers approximately $1.8 billion in “Treasury offsets” that were still being processed when the pandemic was declared a national emergency on March 13.

Source: www.savi.com

Mortgage Relief for Homeowners

If you are experiencing a hardship such as job loss, income reduction, or sickness due to COVID-19 and you are no longer able to make your mortgage payment, your mortgage servicer is available to help with mortgage relief options, including:

  • Payment relief through a forbearance plan offers a reduction or suspension of your mortgage payments for up to 12 months, offered in increments of up to six months
  • Late fee relief during your forbearance plan period
  • Repayment options following your forbearance, including a repayment plan to catch up gradually or a permanent loan modification that aims to maintain or reduce your monthly payment

Additionally, foreclosure and eviction relief may be available through the federal CARES Act signed into law on Friday, March 27, 2020.

Contact Your Mortgage Servicer: If you’re concerned about your mortgage payments, take the first step and call your mortgage servicer—that’s the company listed on your monthly statement— to request help. Have your financial information handy when you call and note that many servicers are experiencing increased call volumes and hold times due to COVID-19.

Source: https://www.knowyouroptions.com/covid19assistance