Resources for Consumers Facing Financial Hardship due to Coronavirus
Washington,
April 27, 2020 -
The Consumer Financial Protection Bureau (CFPB) has a variety of resources for consumers who are facing financial hardship as a result of the ongoing coronavirus (COVID-19) crisis. These resources include information for homeowners struggling to make payments on their mortgage, information on the direct payments to individuals and families, tips for protecting your finances, and more.
Information for homeowners:
The CFPB has provided information on a variety of options that may help you if you are struggling to make your mortgage payments due to the impact of COVID-19 on your finances. For example, if you have a federally backed mortgage, provisions of the CARES Act allow you to temporarily suspend payments. Loan servicers may also have forbearance or deferment options for non-government backed or private loans.
Today, the Federal Housing Finance Agency (FHFA) reiterated that borrowers in forbearance with a Fannie Mae or Freddie Mac-backed mortgage are not required to repay the missed payments in one lump sum.
Also, for borrowers with FHA-insured mortgages or renters who are participating in a federal rental assistance program like Section 8 vouchers, HUD has established a COVID-19 resources page with helpful information about your rights under the law, including how FHA-insured borrowers will also not be required to repay the missed payments in one lump sum.
Information on receiving your Economic Impact Payment:
If you are awaiting your Economic Impact Payment—a provision of the CARES Act which provided direct payments to the American people—and are not normally required to file a tax return, the CFPB has resources to help you understand what you need to do to access your payment.
Information on protecting your finances:
The CFPB has additional information on available aid programs, helpful tips for consumers—particularly seniors—to protect themselves from scams and other bad actors trying to take advantage of this crisis, and answers to frequently asked questions about COVID-19 relief efforts.
Visit Financial Services Committee Republicans’ website for additional resources and updates on efforts to mitigate the economic impact of coronavirus on consumers.
