While many people have taken advantage of CARES Act relief which provides protections for homeowners who have Fannie Mae, Freddie Mac, and other government-backed mortgages, far too many others have slipped into delinquency without knowing they may have help available.

The CARES Act offers needed relief as a way for households to lighten their financial burden and stress in these uncertain times.

The program helps borrowers at risk of losing their home due to the coronavirus national emergency. For those with Fannie Mae, Freddie Mac and other federally backed mortgages, the CARES Act relief can include:

  • A forbearance plan that lowers or suspends your mortgage payments for up to 12 months.
  • No late fees during the forbearance period.
  • Repayment options after the forbearance period, which include a repayment plan to catch up gradually or a loan modification plan to maintain or lower your monthly payment.
  • Foreclosure and eviction relief.

Take Action by February 28, 2021

Perhaps your situation has changed, or not improved as you had expected by now.

If you didn’t reach out when the relief was first available, there is still time to take advantage of this program.

No matter your situation, note that the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac is extending the moratoriums on single-family foreclosures and real estate owned (REO) evictions until at least February 28, 2021. If you have already requested forbearance and need an extension, or if you have yet to participate, it’s best to make the request before the end of the year.

Taking action without delay can help you take control of your finances.

Additional Options

For those who have already participated in the relief, you also have the right to request and obtain an extension for up to another 180 days (for a total of up to 360 days).

You must contact your loan servicer to request this forbearance.

There will be no additional fees, penalties or additional interest (beyond scheduled amounts) added to your account. You do not need to submit additional documentation to qualify other than your claim to have a pandemic-related financial hardship.


Your lender as well as federal agencies want you to succeed, and these programs are designed to help manage through a challenging time.

  • See information specifically related to Fannie Mae and Freddie Mac mortgages.
  • Not sure if you have a federally backed loan? This Consumer Financial Protection Bureau website can help you figure it out.
  • You are not alone. Many people facing housing challenges trust 995Hope to help. For further guidance to help make sense of it all, contact our team today.