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The trustee first asked me to be sworn in by standing and raising my right hand. I just had my 341 Meeting on May 5th at 10:30 am. You’ll be required to pay the amount if you sell or refinance the home. Mortgage Loan Deferment – You can have the amount due from the forbearance agreement tacked on to the end of your loan. Mortgage Loan Modification – You can make a new payment agreement and pay a little more each month to repay the amount that was in forbearance. Mortgage Reinstatement – You can pay the lump sum amount for the past-due payments that were a part of your forbearance agreement and your loan will be back to normal.
FANNIE MAE FORECLOSURES DONATION TO GOVERNMENT HOW TO
You still owe the money on your home loan, and you’ll have to figure out how to make up the missed payments. When you’re in forbearance, your mortgage payments are postponed, but the lender doesn’t forgive them. Forbearance Agreements and Repayment Optionsĭuring the moratorium, many homeowners entered into a forbearance agreement to postpone their loan payments. Many programs apply only to single-family homes and residential foreclosures. For instance, if your childcare needs or hours at work were affected because of COVID-19, you could qualify. Keep in mind, your hardship must be related to COVID-19 to qualify. Ask them if you are protected by a foreclosure moratorium or if you qualify for a forbearance plan or other foreclosure protections. You can find your servicer’s phone number on your most recent statement. How To Know What Protections You Qualify forĬontacting your mortgage servicer is a good place to start to see what foreclosure protections you may have. You can also check the Federal Register and the Federal Housing Finance Agency (FHFA).
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The HUD website also has useful information. You can check the Consumer Financial Protection Bureau (CFPB) website and your mortgage servicer’s website for more information. It’s important to check for the latest information. To help you understand the protections, let’s first clarify some terms.įoreclosure is a legal action lenders take to repossess real estate when borrowers don’t make their mortgage payments.Ī foreclosure moratorium stops foreclosure legal actions.Īn eviction moratorium on foreclosures means lenders are banned from evicting people that are going through a foreclosure.Ī forbearance postpones mortgage payments.Īs the pandemic continues in the U.S., the federal government has extended many COVID-19 protections, but several have also expired.
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There may also be other state or local protections for homeowners. Be sure to check if there are any protections that might help you. Department of Housing and Urban Development (HUD) website has COVID-19 information for each state. These foreclosure protections were meant to help homeowners with federally backed mortgages who were struggling financially because of the pandemic.Ĭongress also passed the American Rescue Plan Act, which gave money to states, territories, and tribes to implement homeowner assistance programs. This temporary prohibition on foreclosures is referred to as a foreclosure moratorium. United States Department of Agriculture (USDA) loans. The CARES Act contained a law that prohibited banks from foreclosing on homes with federally backed mortgages, including:įederal Housing Authority (FHA) loans, and In response to the emergency, Congress passed the CARES Act. President Biden declared a national emergency in March 2020 due to the COVID-19 pandemic. Forbearance and Foreclosure Protections for Homeowners
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This article will help you understand what a foreclosure moratorium is and what COVID-19 protections might be available to help you. More protections for homeowners were developed by state and federal governments as the seriousness of the pandemic became clearer. One federal response to the coronavirus pandemic was a temporary moratorium on foreclosures for certain types of home loans. The federal government, state governments, and even some private businesses stepped in to prevent the situation from getting worse. Many people lost their jobs and the national economy took a downward turn. Suddenly people around the country were at risk of losing their homes through foreclosure. The COVID-19 pandemic caused life to change rapidly for many.