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You can put a pause on mortgage, student loans, and taxes during coronavirus pandemic

Posted at 4:34 PM, Mar 20, 2020
and last updated 2020-03-20 18:20:10-04

There is light at the end of the tunnel for those feeling a financial hit from the coronavirus. Homeowners who lost their job or income during this public health crisis could be eligible to have their mortgage payments paused or lowered.

"Homeowners qualify if they have a mortgage that is backed by Fannie Mae or Freddie Mac, and they are dealing with hardship due to the coronavirus. Fannie Mae and Freddie Mac represent about 44 percent of the mortgages in the U.S.," said Raphael Williams with the Federal Housing Finance Agency.

Williams said to find out if you qualify, you need to call your mortgage servicer, which is the company you pay your mortgage to. He said, to be clear, this doesn't mean you don't owe money later.

"This is not a mortgage holiday. You will have to repay the missed payments," Williams explained.

For those who have a federal student loan, during a press conference Friday, President Trump announced, the interest on those loans will be waived temporarily, and you also have the option of putting a pause on your payments.

"Secretary DeVos has directed federal lenders to allow borrowers to suspend their student loans and loan payments without penalty for at least the next 60 days, and if we need more, we will extend that period of time," President Trump said.

If you owe money in federal income taxes, the deadline to both file and send in those payments has been extended.

Treasury Secretary Steven Mnuchin tweeted Friday, "At @realDonaldTrump's direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties."

Mnuchin followed up with another tweet saying, "I encourage all taxpayers who may have tax refunds to file now to get your money."

TMJ4 News also reached out to Wisconsin's Department of Revenue, asking if the state filing date will also be extended. A spokesperson said the state agency would provide updates as it is able.

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