The COVID-19 coronavirus has not only changed the way we go about our days, but also sent shock waves through the workforce. Many places have kept their doors open as essential businesses, or made arrangements for employees to work remotely. However, millions have been laid off, furloughed, had their hours reduced to zero, or otherwise found their source of income disrupted.

Lending institutions have taken steps to assist homeowners facing hardships as a result of the coronavirus pandemic. Both Fannie Mae and Freddie Mac announced that homeowners who are adversely affected by the coronavirus or quarantine efforts and hold a mortgage backed by either institution are eligible for a forbearance plan to reduce or suspend mortgage payments for up to 12 months. The organizations also announced a 60-day suspension on foreclosure sales and evictions, to conclude May 17. A similar suspension is taking place for loans backed by the Federal Housing Administration.

Forbearance is available for anyone suffering a loss of income due to the COVID-19 pandemic, regardless of whether they have personally contracted the virus. It is also being offered regardless of whether the loan is for a primary residence, second home, or investment property.

"We are committed to helping families affected by the virus and we are instructing servicers to work with borrowers who are unable to make their mortgage payments to ensure they are evaluated for a forbearance plan or other appropriate assistance," said Kevin Palmer, senior vice president of single-family portfolio management at Freddie Mac. "We ask that servicers be responsive to potential requests for assistance from borrowers who may be impacted by COVID-19."

At the end of the forbearance period, borrowers may work with a servicer on options to maintain or reduce monthly mortgage payments as necessary. Fannie Mae and Freddie Mac said borrowers affected by the coronavirus may also qualify for additional loss mitigation options, which are typically only extended to borrowers impacted by natural disasters.

The organizations encouraged homeowners to contact their mortgage servicer for more information on possible relief options. The Federal Housing Finance Agency says the mailing address and telephone number for the servicer, or company where your mortgage payments are sent, are included with your monthly mortgage statement.

Fannie Mae and Freddie Mac separately announced a mortgage deferral program to assist with short-term hardships. According to HousingWire, homeowners affected by the coronavirus pandemic—or any other situation that caused them to briefly miss mortgage payments—have the option to defer two months of payments until the end of the loan.

As part of Connecticut's response to the COVID-19 pandemic, eviction proceedings are on hold and any tenants facing eviction may stay in their home through at least May 1. However, tenants are still eligible for paying the rent stipulated in their lease. Due to the hold on foreclosures, all Connecticut foreclosures and running of the law days—the date when a homeowner must leave their foreclosed property—have been extended to early June.

Locally, lenders have noted that they have operational call centers and online services despite the temporary closure of branch locations. Borrowers with a loan through these institutions are encouraged to contact a representative if they are having trouble making a monthly payment.

Homeowners have also been advised to be wary of potential mortgage scams related to the coronavirus pandemic. These may include calls or messages offering to help homeowners take advantage of reduced interest rates, offer fee-based mortgage counseling services, or other unsolicited communications requesting money or financial information.