COVID-19 and Your Mortgage Payments
These are unprecedented times, and many Alaska homeowners have questions about their mortgage. Should I keep paying my mortgage? What happens if I lost my job and can't afford my monthly payments? Can I postpone them? Who can help me?
There's a lot of confusing information out there, so the experts at Alaska Housing prepared this article to guide Alaskans through the options.
Should I keep making mortgage payments?
If you can afford to make your mortgage payment, do so. Prioritize your mortgage! There is nothing more important to the safety and security of your family than your home. It's easier to keep up than catch up.
What if I can't afford my house payment?
If you are experiencing a COVID-19 related financial hardship and can't pay your mortgage, or you can only pay a portion, contact your mortgage servicer immediately. Don't wait! It is essential that you work with your mortgage servicer early to understand your options BEFORE you start missing payments.
Who is my mortgage servicer?
Your mortgage servicer is the company to which you send your house payments every month. If you're unsure, check your mortgage statement. Note that when you contact them, be patient. They may be experiencing high call volumes.
What options will I have?
If you have a federally-backed mortgage or one which is underwritten by Alaska Housing, you may be eligible for mortgage forbearance. For other mortgages, you may have relief options through your servicer.
What is mortgage forbearance?
Mortgage forbearance can provide temporary relief for borrowers willing but unable to make loan payments. During forbearance, loan payments remain due, but the servicer can permit suspended or reduced mortgage payments for a limited period of time.
Will I have to catch up on payments later?
Forbearance does not erase what you owe! At the conclusion of the forbearance relief period, regular loan payments will resume, and borrowers must work with their mortgage servicer to establish a plan to repay the delinquent mortgage payments.
Where can I find additional resources?
Below are some helpful links. But if you are struggling to make your mortgage payment, the very best step you can take is to contact your servicer immediately.