NO MORE MORTGAGE PAYMENTS FOR 1 YEAR?! (FHA, Freddie Mac, Fannie Mae, BofA Mortgages)
Matthew discusses the moves that help those affected by the unprecedented COVID-19 situation to potentially have no more mortgage payments for 1 year… Coronavirus has forced mortgage relief options from the Department of Housing and Urban Development, Fannie Mae, Freddie Mac, Bank of America – will more follow suit?
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Fannie Mae, Freddie Mac, and HUD have suspended all foreclosures and evictions in a foreclosure freeze that will last 60 days. This announcement is the biggest step taken by the federal government to help keep people in their homes during this unprecedented situation.
Trump made the announcement on the new HUD policy during Wednesday’s press conference on the impact of COVID-19.
HUD’s official policy stated that the Federal Housing Administration is enacting an “immediate foreclosure and eviction moratorium for single-family homeowners with FHA-insured mortgages” for the next 60 days.
This applies to homeowners that have an FHA-insured Title 2 Single Family forward and Home Equity Conversion Mortgage.
This is BIG news guys, given that Fannie Mae and Freddie Mac are the largest mortgage finance in the country.
Bank of America followed suit on Thursday afternoon, announcing that it is extending “additional support for consumer and small business clients experiencing hardship from the impact of the coronavirus.”
Included in those support options is the ability to defer mortgage payments – those deferred payments will be added to the end of the loan.
Available on a case-by-case basis and can be extended on a month-to-month term with no negative credit bureau reporting for up-to-date clients.
BofA also announced that they’re pausing foreclosure sales, evictions, and repossessions and that they’re taking the following non-mortgage related steps:
Requests can be made to defer payments and receive refunds on things like overdraft fees, non-sufficient funds fees, and monthly maintenance fees on accounts like Consumer & Small Business deposit accounts and credit cards, small business loans, and even auto loans.
Please note that all of these options are only available on a case-by-case basis.
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