July 8, 2020

Vimeo Channel YouTube Channel

Articles Tagged With: FHA Foreclosure

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

FHA And HUD Announce Extended Foreclosure Relief

Are you a homeowner with an FHA loan worried about your mortgage during the coronavirus pandemic? If so, you aren’t alone. Coronavirus outbreak containment policies–lockdowns, quarantines, and other necessary measures, have brought with them economic hardship from many Americans; loss of income creates and questions about future earnings can result in late and missed mortgage payments, increasing the risk of foreclosure. But during the pandemic, federal relief measures were drafted to help–and the FHA/HUD is no exception, requiring participating lenders to delay initiating or continuing foreclosures during the crisis. Now, the Department of Housing and Urban Development and the Federal Housing Administration have issued an extension (actually the second extension since the crisis began) of the foreclosure moratorium announced in March. The Old Deadline Wasn’t Sufficient The HUD official site | more...

 
Reverse Mortgage And Foreclosure Relief Scams: What You Need To Know

Reverse Mortgage And Foreclosure Relief Scams: What You Need To Know

Mortgage scams and reverse mortgage scams involve people coming to you with offers to save you from a pending foreclosure, or offer you a reverse mortgage to help cash in on the equity you have built up in the home. But scammers aren’t there to help, they are there to profit from your problems; fortunately, there are ways to tell if you are being scammed and stop a con game dead in its’ tracks. Advice About Scams From The U.S. Government The Department of Justice offers advice about scams–have you been contacted by third party agencies without having contacted them first? What should you do to prevent being taken advantage of if you need foreclosure relief, or need a home equity loan or reverse mortgage? The first step–identifying the biggest | more...

 
Mortgage Relief Scams To Avoid

Mortgage Relief Scams To Avoid

In an age where millions of Americans have applied for coronavirus-related mortgage relief, there are also con artists at work trying to steal money they haven’t earned from people who cannot afford to lose what money they have. What should you be aware of to avoid being conned while seeking home loan relief or foreclosure avoidance? Beware Mortgage Relief Scammers Some scammers just make random phone calls, hoping to strike gold. Others are far more careful and methodical. In those cases, mortgage relief scams often rely on a con artist viewing public records of homes that may be in the pre-foreclosure process, targeting these owners and hoping to take advantage.  One of the hallmarks of a mortgage relief scam? The scammer comes in with promises to save the home outright, | more...

 
FHA Extends Coronavirus Policies

FHA Extends Coronavirus Policies

The Federal Housing Administration has issued a press release announcing an extension to coronavirus-related mortgage relief for American borrowers with FHA home loans. One major feature of that extension? More time on the FHA eviction and foreclosure moratorium issued on FHA mortgages. That moratorium now lasts until June 30, 2020. This applies to homeowners with “FHA-insured Title II Single Family forward and Home Equity Conversion (reverse) mortgages” according to the HUD official site. Until these measures expire, FHA lenders are directed to: Halt all new foreclosure actions; Suspend all foreclosure actions currently in process, excluding legally vacant or abandoned properties; Cease all evictions from FHA-insured Single Family properties; This excludes actions “to evict occupants of legally vacant or abandoned properties”. Also extended? The length of time for FHA’s temporary policies | more...

 
Home Loan Forbearance Options

Home Loan Forbearance Options

Are you one of the many Americans in need of mortgage loan forbearance during COVID-19? There are many different types of mortgages; FHA, VA, USDA, conventional…the options available to you may vary depending on the type of mortgage you have, whether you are current on your home loan payments at the time you request the help, and other factors. If you need to apply for mortgage forbearance, it is important to know the range of choices open to you not just for the forbearance period itself, but also for repaying the money you don’t pay now if you are approved. Some loan forbearance options may allow you to choose to stop making payments for up to a full year and choose a method to repay the year’s worth of delayed | more...

 
Reverse Mortgage And Foreclosure Relief Scams: What You Need To Know

HUD Issues More Guidance For COVID-19 Mortgage Relief

The Department of Housing and Urban Development has issued guidance clarifying certain aspects of the coronavirus mortgage relief options; there are instructions for multi-family loans as well as for single-family FHA mortgages. Why are the multi-family rules good for the single-family borrower to understand? Borrowers with multi-family FHA loans who need of COVID-19 mortgage relief have similar requirements to those for single-family borrowers. If you know the approach your lender takes for FHA loans, you can make more fully informed choices about your loan including when to apply for economic relief and what options to choose. Borrowers have the option to request six months of loan forbearance or as much as a full year, depending on circumstances. Should you take the full year? Cut off the relief as soon as | more...

 
Common Questions About COVID-19 Mortgage Relief For FHA Borrowers

Common Questions About COVID-19 Mortgage Relief For FHA Borrowers

If you have an FHA mortgage and are worried about your ability to make mortgage payments during the economic shutdown over the coronavirus. What should you do? The FHA has some advice for you on taking advantage of the mortgage relief options provided by the FHA and HUD during the coronavirus pandemic. The FHA official site advises FHA borrowers to do three things if you are able: Continue to make your monthly mortgage payments if you are able to do so; If you are unable to make your mortgage payment, contact your mortgage servicer and discuss your situation with a loss mitigation specialist.  Contact a HUD-approved housing counseling agency (you can get a referral by calling 1-800 CALL FHA). Have you lost your job? Have you been laid off, furloughed | more...

 
Are You In Trouble On Your FHA Mortgage Loan?

Are You In Trouble On Your FHA Mortgage Loan?

Are you having trouble making your FHA home loan payments? Is the coronavirus emergency made it financially difficult to stay current on your mortgage loan? There have been a variety of relief measures proposed and announced, but many of them are more general types of assistance. The FHA and HUD published an announcement discussing COVID-19 related mortgage relief for FHA borrowers affected by the coronavirus outbreak. This relief is specifically for those with mortgage loans guaranteed by the FHA including mortgages, reverse mortgages, etc. These measures were a welcome development for many FHA mortgage borrowers, but it is crucial for home owners to understand that until you contact your loan servicer, you cannot assume it’s safe to delay payments. You MUST make arrangements with your lender to claim the mortgage | more...

 
Mortgage Relief Scams To Avoid

Protect Your FHA Home Loan From Foreclosure

The federal government has offered a variety of economic stimulus programs to help those affected by COVID-19 and the coronavirus emergency. FHA, VA, and USDA lenders have been given updated instructions to help borrowers avoid loan default and foreclosure. Those instructions include a temporary foreclosure moratorium and options to help borrowers stay in their homes through loan modification and loan forbearance. Such alterations to the mortgage are designed to help borrowers avoid falling behind or falling farther behind on their mortgages. But what happens after these measures? FHA has announced something known as the COVID-19 National Emergency Partial Claim, described by an FHA/HUD press release as “an option to be used by servicers” once the COVID-19 FHA loan forbearance period concludes. Borrowers who have trouble paying their mortgages during COVID-19 | more...

 
FHA Announces Updated COVID-19 Guidance For Participating Lenders

FHA Announces Updated COVID-19 Guidance For Participating Lenders

The FHA and HUD have announced policy changes to the FHA Single-Family home loan rulebook, HUD 4000.1. These changes were announced in FHA Mortgagee Letter 2020-06 and address loss mitigation procedures specifically for COVID-19 related economic hardship. The prior version of HUD 4000.1 did not include specific guidance for lenders trying to help borrowers avoid foreclosure due to coronavirus issues; the old instructions are updated to include policies for lenders to help borrowers via CARES Act measures signed into law to help struggling companies and workers. The new additions to HUD 4000.1 include a new Section addressing the “Presidentially-Declared COVID-19 National Emergency” guidance for lenders, which is effective immediately takes precedence over disaster relief guidance issued prior to the pandemic. FHA loan rules for presidentially declared major disaster areas in | more...