![]() ![]() You can also ask your loan servicer whether your mortgage loan is federally-backed through Fannie Mae or Freddie Mac, for example, which are government-sponsored enterpriseses that back most federal mortgage loans. You can check the Mortgage Electronic Registration Systems (MERS) website to find your mortgage loan servicer. Contact your mortgage loan servicer (the company to whom you send your mortgage payments) to get forbearance. For federally-backed mortgage loans, homeowners can get forbearance and postpone their mortgage payments up to 18 months. If not, millions of mortgage borrowers could face foreclosure, which could not only result in homeowners losing their home, but also spending as much as $12,500 in the foreclosure process. ![]() ![]() Currently, this mortgage foreclosure ban is in effect through the end of next month, although it’s possible that the Biden administration extends this program. This mortgage relief is in addition to a federal mortorium on mortgage forclosure as a result of the Covid-19 pandemic. ![]()
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