Recently a group of mortgage industry leaders sent a letter to the Federal Reserve, the Treasury Department, other agencies and the White House advocating for a uniform, streamlined mortgage relief program in the wake of the economic devastation from the coronavirus outbreak. The program, as suggested could result in waived mortgage payments for up to 12 months for millions of Americans, without the need for much paperwork if any at all.

What exactly would a Uniform Mortgage Relief Program look like?

  • Same assistance across all government agencies and the GSEs
  • Limited documentation requirements
  • Available to owner-occupants and investors
  • Payment forbearance for 90 days initially
  • Payment relief can be extended up to 12 months if necessary
  • Followed by either a loan modification or the resumption of regular mortgage payments
  • No credit hit, fees, penalties, etc.
  • Nationwide foreclosure and eviction moratorium

The mortgage relief proposal under discussion would allow ALL homeowners with a mortgage to receive an initial forbearance of 90 days, in which monthly payments would not be due. This would apply to those with conventional loans backed by Fannie Mae or Freddie Mac, along with those who hold a government loan, such as an FHA loan, USDA loan, or VA loan. Most importantly, it would provide much needed universal relief regardless of the loan type, without the stringent documentation typically required. To qualify for relief, borrowers would simply be required to make a “statement of hardship,” with no additional validation required.


Although those homeowners that were delinquent prior to the March 13th declaration date (the day the coronavirus emergency was declared) could receive payment forbearance, those who can pay their mortgage, should pay their mortgage.

  • Those who are able can simply return to making their mortgage payments
  • Those in need of more relief can receive a permanent loan modification without cost or penalty
  • This might include a partial claim for government home loans
  • And a Flex Mod for those with a conforming home loan

Contact one of our loan consultants to learn more about this program.

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