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DECD Guidelines and Important Mortgage Information

Posted on March 23, 2020 by admin


Late yesterday, the Department of Economic and Community Development (DECD) posted guidelines regarding which businesses are considered essential under Governor Lamont’s Executive Order 7H.

While many industries are listed and the guidance is seemingly straight forward, people with concerns about specific businesses that aren’t listed, yet may still provide essential services to our state, should contact DECD directly at:

To apply for an exemption, please go to:

If you have further questions, please submit them directly to DECD at


Fannie Mae and Freddie Mac Offering Loan Assistance

Federal loan companies Fannie Mae and Freddie Mac have prepared options to provide relief to homeowners struggling with work slowdowns, layoffs and job losses caused by the Covid-19 pandemic.

Some of their modifications include suspension of foreclosures and evictions, delayed reporting to credit bureaus and loan forbearance for up to 12 months, and more.

It’s important to note: these measures are NOT automatic and must be applied for, and you must have a loan secured by Fannie Mae or Freddie Mac.  You must contact your lender or servicer directly.

Fannie Mae

Under Fannie Mae’s guidelines for single-family mortgages:

  • Homeowners who are adversely impacted by this national emergency may request mortgage assistance by contacting their mortgage servicer
  • Foreclosure sales and evictions of borrowers are suspended for 60 days
  • Homeowners impacted by this national emergency are eligible for a forbearance plan to reduce or suspend their mortgage payments for up to 12 months
  • Credit bureau reporting of past due payments of borrowers in a forbearance plan as a result of hardships attributable to this national emergency is suspended
  • Homeowners in a forbearance plan will not incur late fees
  • After forbearance, a servicer must work with the borrower on a permanent plan to help maintain or reduce monthly payment amounts as necessary, including a loan modification

More information can be found here:

Freddie Mac

We are taking action to help make sure homeowners with Freddie Mac-owned mortgages who are directly or indirectly impacted by COVID-19 are able to stay in their homes during this challenging time. This includes offering the following mortgage relief options for those who are unable to make their mortgage payments due to a decline in income:

  • Providing mortgage forbearance for up to 12 months,
  • Waiving assessments of penalties and late fees,
  • Halting all foreclosure sales and evictions of borrowers living in Freddie Mac-owned homes until at least May 17, 2020,
  • Suspending reporting to credit bureaus of delinquency related to forbearance,
  • Offering loan modification options that lower payments or keep payments the same after the forbearance period.

More information can be found here:

These measures apply to loans made with either Fannie Mae or Freddie Mac, but other lenders may have similar plans in place. If you need assistance please contact your lender directly.

This information is not intended to be legal or financial advice, as always, please check with your lender/servicer for relief options that may be available to you.


Beware of Scammers

Additionally, in an email today, the National Association of Insurance and Financial Advisors (NAIFA) said it is working with the National Business Emergency Operations Center (NBEOC) to stop scammers.

They wrote: In times of uncertainty, people often seek financial security. Unfortunately, the pandemic has resulted in numerous scams. The National Association of Insurance and Financial Advisors (NAIFA) is working with the National Business Emergency Operations Center (NBEOC) to assist the interagency crisis action task force. With members in every Congressional district, NAIFA is uniquely situated to help with situational intelligence and deliver credible resources.

NAIFA’s consumer site provides individuals and businesses with information to avoid scams, tips on who to contact regarding health claims/questions, as well as how to find licensed, knowledgeable, ethical professionals to assist with financial security planning.

Consumers can find more information at or one of the many NAIFA members licensed in the state.