Good news. President Trump announced last week that the Department of Housing and Urban Development would suspend all “foreclosures and evictions” through the end of April, but only those with an FHA-insured mortgage are eligible. In addition, many lenders are offering relief options to their borrowers, including forbearance options (up to 12 months), waived fees, payment deferrals, and more. Those facing hardships are encouraged to contact their lender right away for program details.

In addition, the Federal Housing Finance Agency announced Wednesday that it is directing Fannie Mae and Freddie Mac to suspend foreclosures and evictions for at least 60 days.

For questions about the real estate industry, please contact our experts. We are here to help you with your tax, accounting, and consulting needs as we understand this is a tumultuous and confusing time. We are doing our best to keep you informed and gather as much information as possible to help you navigate the daily changes our nation faces. If you are negatively impacted by the Coronavirus, our thoughts are with you at this time. Let us know what we can do to support you or your business.


Sources:
https://www.usatoday.com/story/money/2020/03/20/coronavirus-mortgage-payments-may-deferred-amid-pandemic/5073179002/

2 Comments

  • We own a small resort on Shasta Lake. We have owned the business for almost 30 years.
    Like most businesses without nearly any income in the first quarter of 2020. The possible outlook for the next two months not looking good. We are looking at our options. We are able to pay our mortgage and all of our obligations have been paid on time. What we are looking for is what is our best option if this continues into the summer. We make 50% of our income during the 10 week period from mid June to the end of August.
    We were referred by by Dave DiMaggio

    Thank You,
    Harold Jones,
    Sugarloaf Cottages Resort Inc.
    530-238-2448

    • Hi Harold, thank you for your comment. I’ve forwarded your message along to our experts. They will be in touch with you directly.

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