With many layoffs, furloughs and reduced employment during the coronavirus pandemic, the government and the private sector have been working together to provide relief for homeowners and renters. Many programs are allowing homeowners impacted by the crisis to delay payments without an impact on their credit score or accrued interest, and a moratorium is in place on evicting renters.
One example is a forbearance (temporary payment delay without extra interest) program offered for home loans backed by Fannie Mae (look up your loan) and Freddie Mac (look up your loan). In Washington State, a Washington Homeownership Hotline has been set up to help homeowners understand their options. The number is (877) 894-HOME. Learn more at the State Department of Financial Institutions. (The DFI has also issued guidelines for financial institutions recommending forbearance, grace periods and other measures to help consumers.)
On Monday, the Seattle City Council passed a resolution calling on Governor Inslee to impose a moratorium on rent and mortgage payments. Earlier in March, the council passed and Mayor Durkan signed a 60-day moratorium on evictions for failure to pay rent.