WASHINGTON, D.C.\u2014U.S. Department of Housing and Urban Development Secretary Ben Carson, in consultation with the Trump administration and the Coronavirus Task Force, has authorized the Federal Housing Administration to implement an immediate\u00a0foreclosure and eviction moratorium\u00a0for single family homeowners with FHA-insured mortgages for the next 60 days. <\/p>\n
These moratoriums are part of the continued effort by President Donald J. Trump to address impacts to the financial wellbeing of America\u2019s individuals, families, and businesses caused by coronavirus, or COVID-19.<\/p>\n
\u201cToday\u2019s actions [March 18, 2020] will allow households who have an FHA-insured mortgage to meet the challenges of COVID-19 without fear of losing their homes, and help steady market concerns,\u201d said Carson. \u201cThe health and safety of the American people is of the utmost importance to the department, and the halting of all foreclosure actions and evictions for the next 60 days will provide homeowners with some peace of mind during these trying times.\u201d<\/p>\n
The guidance applies to homeowners with FHA-insured Title II Single Family forward and Home Equity Conversion (reverse) mortgages, and directs mortgage servicers to:<\/p>\n
\u2022 Halt all new foreclosure actions and suspend all foreclosure actions currently in process; and<\/p>\n
\u2022 Cease all evictions of persons from FHA-insured single-family properties.<\/p>\n
\u201cThis is an uncertain time for many Americans, particularly those who could experience a loss of income. As such, we want to provide FHA borrower households with some immediate relief given the current circumstances,\u201d said Federal Housing Commissioner Brian Montgomery. \u201cOur actions today make it clear where the priority needs to be.\u201d<\/p>\n
FHA continues to encourage servicers to offer its suite of loss mitigation options to distressed borrowers\u2014including those that could be impacted by the coronavirus\u2014to help prevent them from going into foreclosure. These include short and long-term forbearance options, mortgage modifications, and other mortgage payment relief options available based on the borrower\u2019s individual circumstances. (PR)<\/p>\n","protected":false},"excerpt":{"rendered":"
WASHINGTON, D.C.\u2014U.S. Department of Housing and Urban Development Secretary Ben Carson, in consultation with the…<\/p>\n","protected":false},"author":28,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[1713],"class_list":["post-319567","post","type-post","status-publish","format-standard","hentry","category-local-news","tag-hud"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/319567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/28"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=319567"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/319567\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=319567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=319567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=319567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}