The Coronavirus Aid, Relief, and Economic Security (CARES) Act mandates a right to forbearance for homeowners who are experiencing a financial hardship due to COVID-19. While one may make mortgage payments to a private bank or mortgage servicer, the loan may be owned by a government-controlled company entitling the homeowner to CARES Act protections.
According to the Sun Sentinel newspaper, a whopping 33.4 million or 70% of all home loans are owned by an agency backed or controlled by the federal government such as Fannie Mae or Freddie Mac.
The Sun Sentinel recommends that homeowners contact their mortgage company and ask if the loan is backed by Fannie Mae or Freddie Mac.
You can also look up this information on line.
For Fannie Mae, go to
For Freddie Mac, go to ww3.freddiemac.com/loanlookup.
To read the Sun Sentinel article in its entirety go here: