Important Mortgage Updates During COVID-19

You may have questions related to your current mortgage, refinancing, or buying and selling a home, so this week we attempt to answer those, and connect you to helpful resources. As always, Fairway’s available to answer mortgage related questions, provide a pre-approval, or review your current mortgage to make sure it still meets your financial goals.


Client signs document regarding real estate activity next to lawyer or real estate agent sitting at office desk. Business concept of selling and buying house.

What happens if you can’t pay your mortgage: Contact your lender immediately and let them know. The FHFA has instructed Fannie Mae and Freddie Mac to provide a 60 day mandatory pause on evictions and offer forbearance for up to 12 months for those impacted by COVID-19 and unable to pay their mortgages. Fairway loan servicer will be able to provide you with up to date information.
This interview with Mark Calabria, head of the Federal Housing Finance Administration offers more information.
With regard to rates, the market is in flux, rates change quickly. If you are purchasing a home or thinking about refinancing, please contact Fairway directly to discuss your current situation.
If you need employment assistance: MA Department of Unemployment
For general information from the state of MA: Massachusetts Government Updates and Information on Coronavirus
We are open and doing business, from home like many of you. Please be careful of online scams and hacks that are occurring related to the current situation.
We will continue to keep you informed of housing and mortgage related changes and updated in the coming weeks. Please contact us if you have any questions.
Reference: https://www.fairway-newengland.com/blogs/important-mortgage-updates-during-covid-19
Location: United States

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