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SixFifty Launches Free Tool to Help Homeowners Avoid Foreclosure by Delaying Mortgage Payments up to Six Months Under the New Federal Stimulus Bill

SALT LAKE CITY, April 2, 2020 /PRNewswire/ -- SixFifty, the technology subsidiary of the law firm Wilson Sonsini Goodrich & Rosati, today announced the release of Hello Lender, a free online tool that helps people with federally backed home loans to delay paying their mortgage if they are experiencing financial distress as a result of the COVID-19 emergency. The newly passed federal stimulus, called the CARES Act, allows people with federally backed mortgages to request forbearance (delayed payment) for up to 180 days, without penalties or fees, and to renew the forbearance for an additional 180 days if needed.
SixFifty Launches Free Tool to Help Homeowners Avoid Foreclosure by Delaying Mortgage Payments up to Six Months Under the New Federal Stimulus Bill
Hello Lender prompts borrowers to answer a series of basic questions about their mortgage. The questions appear in English or Spanish, depending on the borrower's preference. SixFifty's automation software takes the borrower's answers and generates a customized letter that requests a forbearance on mortgage payments from the loan servicer. The letter can be printed, signed and sent to the lender via mail, email or the lender's online portal. The letter invokes the CARES Act to ensure that the loan servicer processes the request under the new federal stimulus and not the lender's own forbearance program. Hello Lender is available for free at www.hellolender.org. "Many of those who have been laid off in recent weeks own homes and are at risk of foreclosure," said Kimball Dean Parker, CEO of SixFifty. "If you've lost your job, or your hours have been cut, you don't need to lose your home, too. Hello Lender will help you write a letter to your loan servicer that invokes the CARES Act and stops you from defaulting on your loan." Although many people may be unaware, most mortgages in the United States are federally backed and are eligible for forbearance under the CARES Act. Federally backed mortgages include all home loans that are owned by Freddie Mac or Fannie Mae or were issued by a federal agency, such as the Federal Housing Administration or the Department of Veterans Affairs. Since Freddie Mac and Fannie Mae own a vast majority of mortgages in the United States, most people can request to delay paying mortgage if they are suffering financial hardship as a result of the COVID-19 pandemic.
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