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With millions of Americans suddenly out of work due to the coronavirus, the U.S. economy is bracing for the reality that many won’t be able to pay April’s bills. Federal regulators and state governments are scrambling to keep late mortgage payments from turning into a foreclosure wave—and financial relief is available. If you have a mortgage and have been affected by the coronavirus crisis—either directly or indirectly—and are worried about making loan payments, here’s what you need to know.
First, Find Out Who Owns Your Loan
Finding out which mortgage relief program you may qualify for depends on who owns your loan. Due to the way that the mortgage market works, the bank that originally issued your loan (and which receives your payments) might not even own your loan anymore. Once closed, a loan is often sold to the government-sponsored enterprises Fannie Mae and Freddie Mac.
If you’re not sure
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