For Individuals and Families
– Check back regularly for updates –
Financial Resources for Washington Residents Impacted by COVID-19
The Washington State Department of Financial Institutions has developed a list of financial resources for Washington consumers impacted by the Coronavirus. They will add to this list as more resources become available.
Loan and Mortgage Relief
Guide to coronavirus mortgage relief options
For many homeowners with mortgages, there’s help, but first assess your situation.
Important things to know first
If you can pay your mortgage, pay your mortgage.
Don’t call your mortgage servicer if you aren’t facing an immediate 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.
If you can’t pay your mortgage, or can only pay a portion, contact your mortgage servicer immediately.
It may take a while to get a loan servicer on the phone. Loan servicers are experiencing a high call volume and may also be impacted by the pandemic. Please be sure to read this blog carefully so you are prepared for this conversation.
A new federal law, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, puts in place two protections for homeowners with federally backed mortgages:
- A foreclosure moratorium
- A right to forbearance for homeowners who are experiencing a financial hardship due to the COVID-19 emergency
If you don’t have a federally backed mortgage, you still may have relief options through your mortgage servicer or from your state. For more information from consumerfinance.gov