Homeowners across the country are experiencing the financial impacts of coronavirus and the CARES Act specifically addresses relief for homeowners experiencing financial hardship due to Covid-19. There is a lot of confusion over who qualifies and what relief if actually available.

Here is a quick chart to determine if you qualify:

Under the Cares Act, federally backed mortgages, which include loans owned by Fannie Mae and Freddie Mac and those guaranteed by the Department of Veterans Affairs and the Federal Housing Administration (FHA), must allow for deferred or reduced mortgage payments for up to six months and then another six months if requested.

There is, however, broad leeway with how each servicer will handle the deferments and how they will require borrowers to catch-up. Forbearance on a mortgage may or may not impact your credit score; discuss this with your loan servicer before agreeing to a modification.

Don’t call your mortgage servicer if you are not facing an immediate hardship issue. Mortgage servicers are getting a lot of calls and need to first help those who won’t be able to pay their mortgage. Check their website first for possible options.

Bottom Line: If you can pay your mortgage this month then you should.

If you can not then start first (and immediately) with a phone call to your loan servicer to see what options are available to you. Pack your patience as you navigate the process and throughly understand all your options and ramifications before committing.