Mortgage Payment Relief for Federal Workers During Government Shutdowns
This law grants federal employees and certain contractors the right to request a 90-day mortgage forbearance on federally backed loans during and after a government shutdown. The goal is to protect their financial and housing stability when they are not receiving pay. Crucially, lenders cannot demand a lump-sum repayment of missed installments after the forbearance ends, and credit status is protected.
Key points
Federal employees affected by a government shutdown can request 90 days of mortgage forbearance on federally backed loans.
Lenders are prohibited from charging extra fees or interest and cannot require a lump-sum payment of missed installments after the forbearance period.
Credit protection: The loan must be reported as current, safeguarding the borrower's credit history during the relief period.
Status:
Introduced
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