Many Struggling Homeowners Not Getting The Mortgage Relief U.S. Promised
Updated at 3:28 p.m. ET
Homeowners who've lost their jobs or income say their lenders are demanding punishing terms if they take part in what's supposed to be a government effort to help them.
In order to avoid a wave of home loan defaults, Congress and regulators told lenders that they have to let homeowners defer payments if they've been hurt financially during the coronavirus crisis.
Some homeowners say that's working well, but others say confusion abounds.
They can't get through on the phone to their lender, or they're being told different things each time they call. And some homeowners say their lenders are telling them that, to get the help, they'll later have to come up with a big lump-sum payment that they can't afford.
"All we're looking for is help," says Julia Hansen. She and her husband Jim live in Maui and lost their incomes as the tourism business shut down. Jim managed a restaurant.
