Under the newly enacted CARES Act, you can legally stop making your mortgage payment for up to one full year. Here's what you need to know.

RESOURCES MENTIONED IN PODCAST

* Freddie Mac: https://myhome.freddiemac.com/own/getting-help-disaster.html
* Fannie Mae: https://www.knowyouroptions.com/covid19assistance
* Freddie Mortgage Lookup: https://ww3.freddiemac.com/loanlookup/
* Fannie Mortgage Lookup: https://www.knowyouroptions.com/loanlookup

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VIDEO NOTES

Sec. 4022 of the CARES Act (Coronavirus Aid, Relief and Economic Security Act)

1. Applies to mortgages back by the federal government, such as
    * FHA Loans
    * VA Loans
    * Freddie Mac
    * Fannie Mae
2. Homeowners Relief--You Can Pause Payments
    * 180 days
    * 180-day extension
    * Important-Request for extension should be made during the initial 180-day forbearance
    * You can shorten either the initial request or extension
3. Interest and Fees
    * No fees, penalties or interest beyond the amounts scheduled or calculated as if you had made all your payments shall accrue
4. No hit to your credit score
5. Types of Properties
    * Owner occupied
    * A second home
    * Investment property 
6. How to Request Forbearance
    * Contact your mortgage servicer
    * Affirm that you are experiencing a financial hardship due, directly or indirectly, to COVID-19
    * NO ADDITIONAL DOCUMENTATION REQUIRED
    * You don't have to affirm that you are unable to pay your mortgage
7. Foreclosure Moratorium-For a 60-day period beginning on March 18, 2020
8. Loan Modifications-To provide mortgage payment relief or keep payments the same after the forbearance period

ABOUT ME 

While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. Today I'm the Deputy Editor of Forbes Advisor, managing a growing team of editors and writers that produce content to help readers make the most of their money.

I'm also the author of Retire Before Mom and Dad--The Simple Numbers Behind a Lifetime of Financial Freedom (https://amzn.to/3by10EE)

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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. Your investment and other financial decisions are solely your responsibility. It is imperative that you conduct your own research and seek professional advice as necessary. I am merely sharing my opinions.

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