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COVID-19 Housing Relief Options

The COVID-19 pandemic has caused financial stress for millions of individuals across the country—and America’s banks are here to help. Keeping yourself informed of your options is an important first step to weather this crisis.

This page contains resources and information to help those struggling to make their monthly housing payments. If you are having trouble paying other bills, or are worried about future payments, please visit our Crisis Help page to understand your options.

Your bank will work with you to find the best solutions for your situation. Your bank always has your financial well-being in mind.

CARES Act Housing Relief

The Coronavirus Aid, Relief, and Economic Security (CARES) Act federal relief package helps protect homeowners with federally backed mortgages and renters struggling to make their monthly payments because they have been financially impacted by the coronavirus pandemic. Use these resources to educate yourself about mortgage and housing relief options during this national crisis.

CARES Act Relief Options for Homeowners

If you’re having trouble paying your mortgage, immediately contact your lender or loan servicer. But if you can pay your mortgage, you should continue to do so. If your circumstances change, you can request help at that time.

Under the CARES Act, your lender or loan servicer may not foreclose on you for 60 days after March 18, 2020.

The CARES Act also gives borrowers with a Federally backed mortgage the right to request a forbearance for up to 180 days after March 18, 2020. You also have the right to request an extension for up to another 180 days following your forbearance period. You must contact your loan servicer to request this forbearance. There will be no additional fees, penalties or interest (beyond scheduled amounts) on your loan.

  • What is forbearance? Forbearance means that your lender or servicer allows you to suspend your monthly mortgage payment (or to reduce the payment, if you can afford it) for an agreed period of time. However, forbearance does not mean your payments are forgiven. You will be required to repay any missed or reduced payments at the end of the forbearance period, and at that time, your lender or servicer will work with you to determine an appropriate and fair repayment plan. The CFPB has posted information on "How to Repay Your Forbearance," which describes the options that may be available to you.
  • What is a Federally backed mortgage? It is a mortgage owned or insured by a government agency such as Fannie Mae, Freddie Mac, the VA or FHA. Your servicer will be able to tell you if you have a Federally backed mortgage. Even if you learn that your mortgage is not Federally backed and you are experiencing a financial hardship related to the pandemic, you should contact your servicer to ask for help.

The CFPB Guide to Coronavirus Mortgage Relief Options contains information and FAQs to help you understand your options. Additionally, HUD and the CFPB produced a short video explaining what you need to know about forbearance. Important information about what to do once you’ve received a mortgage relief option, including the repayment options after the forbearance period ends, is available on the CFPB's website.

CARES Act Relief Options for Renters

If you’re having trouble paying the rent, talk to your landlord immediately about your current financial situation. It’s important you engage with your landlord, as rent payments are still due.

If you are renting from an owner who has a federally backed mortgage, the CARES Act provides 120 days of eviction relief. The HUD brochure Addressing Tenant Concerns During the COVID-19 National Emergency can help answer questions.

If you’re not sure the property you rent is covered by the CARES Act, information is available to help you to find out if your housing is covered. Many states have suspended all evictions and foreclosures due to the pandemic. Check the websites of your state government, state court or legal aid program for more information.

CARES Act Relief Options for Service Members and Military Families

Military families, communities and veterans are also experiencing financial challenges due to the pandemic, and the CARES Act provisions also apply to the military community.

In addition, you can apply for help through your respective military aid society: Army Emergency Relief, Navy-Marine Corps Relief Society, Air Force Aid Society or Coast Guard Mutual Assistance.

Credit Reporting Under the CARES Act

Your credit reports and credit scores are vital to your financial health. Your credit report contains financial information that lenders rely on to determine whether you are fit for a loan. It contains information on how much debt you have, how frequently you pay your bills, how much credit you have access to, and whether or not you have filed for bankruptcy or have a judgment rendered against you.

Under federal law, you are entitled to a copy of your credit report annually from the three credit reporting agencies: Experian, Equifax and TransUnion. Be sure to review your information to ensure the reports are accurate.

If you can’t make payments, contact your creditors and explain your situation. They may be willing to provide payment options. The CARES Act places special requirements on companies that report your payment information to credit reporting companies. Specifically, if you were current on the loan prior to any accommodation or agreement involving deferral, forbearance, or modification, your account will be reported as current. The report may also indicate that the loan is in forbearance or has been affected by a natural disaster.

Contact a Housing and Credit Counselor

Counselors are professionally trained to help you assess your situation and evaluate the best financial options to consider. For assistance contact:

Beware of Scams

Scammers prey on people’s fears. They use fake websites, bogus products, emails, texts messages and social media posts to find ways to steal your financial assets and your identity. Learn more about tips to avoid coronavirus scams and how you can protect your financial assets.

Other Federal and State Resources

Downloadable Tip Sheets

Mortgage Finance Tools