What assistance is available to homeowners who have federally-backed mortgages?

If you are a homeowner, you most likely qualify for a forbearance as a result of the federal stimulus recently passed, which means you can delay your mortgage payment (for up to a year) if you’re having a financial hardship. The most important point is that you need to call your bank; you cannot simply stop paying your mortgage. If you have a federally-backed mortgage (like FHA), your bank is required to give you an option that does not raise your monthly payment once you resume payments.

Many lenders are also offering similar types of assistance for auto loans and credit cards, but again, you must call your lender.

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