Articles in Category: HUD Regulations

April 22, 2020

Mortgage Scams During COVID-19: Borrower Beware!

The Federal Trade Commission warns mortgage borrowers to beware of scams that prey upon homeowners in trouble during the coronavirus outbreak. The FTC Chairman, Joe Simons, was quoted in an FTC press release advising borrowers about the FTC’s role in prosecuting scam artists taking advantage of Americans who have been affected by COVID-19. “The FTC is ready to assist businesses that may seek guidance about compliance obligations on consumer protection issues during this unprecedented time,” Simons said in the press release. If you have been contacted by a third party about coronavirus financial relief and suspect a scam artist at work, report coronavirus-related scams at ftc.gov/complaint. What should consumers do to protect themselves from coronavirus mortgage scams? The first step is simply to recognize that if you have not initiated | more...

April 20, 2020

HUD Housing Discrimination Policy During COVID-19

By Bruce Reichstein

The FHA and HUD celebrate Fair Housing Month during April each year, and in the year 2020, coronavirus pandemic concerns raise some Fair Housing issues to new importance. The Department of Housing and Urban Development has issued official policy on housing discrimination related to COVID-19. The agency issued a press release, reminding tenants, landlords, house hunters, and all others involved in the housing industry, “…viruses do not target specific racial or ethnic groups. Be aware that the Fair Housing Act and other federal laws prohibit the eviction, turning away or harassment of a person in housing because they are profiled, on the basis of race, national origin or other protected class, to be associated with COVID-19.” That is a very important issue to consider. Not everyone is able to shelter | more...

April 8, 2020

Celebrating Fair Housing Month

By Bruce Reichstein

The month of April is Fair Housing Month, and even during COVID-19 woes and coronavirus outbreak containment efforts continue, the FHA and HUD are working to raise awareness of Fair Housing Act laws, your rights, and responsibilities. Sexual Harassment As A Violation Of Fair Housing Laws Fair Housing month is a campaign to raise awareness of the Fair Housing Act. The 2020 theme of the outreach is “Call HUD: Because Sexual Harassment in Housing is Illegal.” Where sexual harassment goes, HUD policy is very specific. “While any form of discrimination stains the very fabric of our nation, HUD is especially focused on protecting the right of individuals to feel safe and secure in their homes, free from sexual harassment or unwanted sexual advances,” according to a HUD press release on | more...

April 2, 2020

HUD Announces New Mortgage Relief Options For FHA Borrowers Affected By COVID-19

By Joe Wallace

The coronavirus emergency has created difficult financial times for most Americans. Many wonder where they will find the money to meet their financial obligations including mortgage payments. Those who have FHA home loans should contact their loan servicers right away due to the latest round of coronavirus relief measures aimed at helping FHA borrowers save their homes from loan default and eventual foreclosure. The Department of Housing and Urban Development has provided a new coronavirus mortgage relief package for FHA borrowers above and beyond the original 60-day foreclosure moratorium issued previously. If you have an FHA mortgage, refinance loan, or One-Time Close Construction mortgage and are experiencing financial hardship as a result of the COVID-19 outbreak, you may qualify for certain relief measures that took effect April 1, 2020. Borrowers | more...

March 26, 2020

Mortgage Industry Seeks Federal Relief For Borrowers

By Joe Wallace

The coronavirus pandemic created financial chaos across the globe; America is on the verge of a massive financial bailout for consumers and industry to the tune of $2 trillion or more. States, lenders, and the federal government all have a keen interest in helping homeowners avoid financial crises, loan default, and foreclosure. And now the mortgage industry has rallied to petition the White House for funds to assist homeowners. On March 24, 2020, HousingWire.com ran a press release discussing a letter sent to the White House asking for mortgage relief for borrowers including delayed payments and interest. The proposal includes the following benefits: A 90-day delayed payment option for mortgage payments; A proposed one-year loan forbearance period; Payment forbearance protections such as no negative credit reporting or collections; Introducing reduced | more...

March 20, 2020

How To Avoid Foreclosure During The Coronavirus

By Joe Wallace

Are you afraid of losing your home due to diminished income or a lack of income related to closures, furloughs, and layoffs due to coronavirus prevention? The global pandemic caused by the coronavirus has created major financial problems and governments worldwide struggle to control the damage. Mortgage rates have fluctuated wildly between incredible lows and one-year highs, the Fed has made emergency interest rate cuts, and hundreds of companies have been forced to endure waves of closures or reduced hours. Affording your mortgage payment in times like these is difficult; it’s easy to fall behind on your financial obligations. Do you know what to do if you are in danger of being late or missing a mortgage payment on your FHA home loan? Act Now To Avoid More Financial Damage | more...

March 5, 2020

HUD Announces Settlement In California Fair Housing Sexual Harassment Case

By Joe Wallace

Some renters and house hunters are not aware that sexual harassment from someone at any stage of the housing process can be considered a violation of federal law. Did you know that the Fair Housing Act forbids landlords and others involved in the housing industry from sexually harassing those in search of housing (bought or rented)? A recent settlement announced by the Department of Housing and Urban Development highlights this issue. According to HUD, the agency recently approved a conciliation agreement, “requiring Ronoel Romero, Blanca Romero, and Mario Prudencio, the owners and manager of a Bakersfield, California, apartment complex, to pay $14,500 to several female residents”. The required payment is part of the settlement. Fair Housing Act laws forbid housing providers from sexually harassing tenants. The prohibition includes “creating a | more...

March 2, 2020

HUD Announces Settlement In California Fair Housing Discrimination Case

By Bruce Reichstein

The Department of Housing and Urban Development (HUD) has announced a conciliation agreement in a California Fair Housing complaint alleging housing discrimination against those with children. Oberhauser Trust and its leasing agent, First Core Group, Inc. (doing business as Keller Williams Realty, in Glendale, California) were named in a complaint alleging denial of housing for a father of two; according to the HUD official site, this case was brought to the agency’s attention after the father was denied housing. According to a HUD press release, “…a father of two and his father-in-law filed a complaint alleging that the father was denied the opportunity to rent a condominium because he has two young daughters who would be living with him part-time.” The complaint alleges that an application to rent a condo | more...

February 3, 2020

HUD Updates Manufactured Housing Policy

By Bruce Reichstein

The Department of Housing and Urban Development announced a final rule on formaldehyde emissions standards for manufactured homes. These updates clarify issues related to compliance with The Toxic Substances Control Act (TSCA). HUD officials on record recently about the American affordable housing situation, label it a crisis and acknowledging that the “affordable housing crisis can’t be solved by one measure alone” though the issue of conforming with other federal guidelines addressing toxic substances is an important one. HUD updates in policy include revisiting the rules “for the installation of carbon monoxide alarms or detectors; and additional provisions for homes designed for structures attached at the site, including garages and carports” and the HUD final rule on formaldehyde emissions for manufactured homes “aligns HUD’s regulations with other federal guidelines”. HUD’s Office | more...

December 30, 2019

Where To Find An FHA Home Loan

By Joe Wallace

Where do you get an FHA home loan? The simplest answer is that you get one from a participating FHA lender. Not all banks or financial institutions support FHA home loans, and those that choose to do so must be vetted and approved by the government first. FHA Loans Are Offered By Participating Lenders As mentioned above, not all lenders participate in the FHA loan program–but did you know some are not permitted to participate, and some may not be certified by the FHA yet? Your search for a lender may seem daunting, but you can be matched with a participating lender online and do the initial loan screening online, too. You’ll need a variety of information including your estimated budget for the purchase, the desired term of the loan | more...