• kimfairfieldmba

Help for Struggling Homeowners

According to the Washington Post, over 10 million Americans filed for unemployment last month, with over 6.6 million of those new claims being submitted just last week (1). In Pennsylvania, between 3/16-3/28, over 700,000 new claims were submitted (2). This does not include claims from self-employed individuals or independent contractors, who are able to file for unemployment benefits under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), but do not yet have a venue for doing so.

With such high unemployment rates, many homeowners are experiencing financial hardship. Thankfully, the CARES Act addresses this for many. Homeowners with federally backed mortgages (Freddie Mac, Fannie Mae, FHA, VA, HUD or USDA) may request forbearance for up to 180 days if you have lost your job. During this time, no fees, penalties or interest will be assessed. YOU MUST CONTACT YOUR LENDER TO ENACT THIS.

For homeowners with a private lender, many banks are also providing mortgage relief. Please contact your lender for more information.

In the Central PA region, the following banks are common lenders who have listed varying degrees of assistance (typically mortgage deferrals, fee waivers, and/or limited time 0-low% APR gap loans) for COVID-19 related financial hardships. It is important to check with your lender for specific terms and requirements.

- TD Bank

- Fulton Bank

- Truist (formerly BB&T)

- Wells Fargo

- M&T Bank

- PNC Bank

- Santander Bank

- Northwest Bank



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