Know Your Rights Regarding the Coronavirus Aid Relief and Economic Security Act (CARES Act).
Step 1: The CARES Act has guidelines specifically to regulate mortgages owned or insured by the government. Determine if you have a government backed loan. Approximately half of all loans are owned or insured by the government. Many loans before 2009 are not. Loans that are not a 15-30 year fixed rate are also not likely to qualify. If you do not have a government backed loan, all loan servicers still must follow RESPA guidelines when homeowners are facing hardship.
Fannie Mae:
https://www.knowyouroptions.com/loanlookup
Freddie Mac:
https://ww3.freddiemac.com/loanlookup/
FHA:
- Look for an FHA number on page 1 of your Deed of Trust. Find a copy of your Deed of Trust on your county public record search. In Maryland, it is https://mdlandrec.net/
- Look on your monthly mortgage statement. If you pay a Mortgage Insurance Premium (MIP) every month, you have a FHA loan.
Reverse Mortgages
USDA or Department of Agriculture Loans
Loan Guarantees for Indian Housing
Step 1 was posted to get you started. We will post a video on Tuesday, May 5 with details of the next steps you can take. If you need to speak to our legal department, you can fill out a questionnaire on our website, www.StrategicHousingSolutionsInc.org
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