The FHA recently announced both new and extended COVID-19 relief options for borrowers who are recently or newly struggling to make their mortgage payments due to the ongoing pandemic and for senior homeowners with Home Equity Conversion Mortgages (HECMs) that need assistance to remain in their homes.
In its press release, the FHA mentioned that these measures were implemented in response to COVID-19’s continued impact on borrowers nationwide and are part of the agency’s continuing evolution of its pandemic-related polices to ensure the right tools are in place to help those facing financial difficulties as a result of the Coronavirus.
The FHA’s new and extended relief options became effective immediately and include the following:
- A new COVID-19 Forbearance or HECM Extension Period for Borrowers Newly Affected by the Pandemic: The FHA will now provide up to 6 months of forbearance for borrowers requesting an initial COVID-19 Forbearance or HECM Extension from their mortgage servicer between October 1, 2021 and the end of the COVID-19 National Emergency, as well as an additional 6 months if the forbearance or HECM extension is exhausted and expires before the end of the COVID-19 National Emergency.
- An Additional COVID-19 Forbearance or HECM Extension Period for Borrowers Recently Seeking Assistance: The FHA will now provide up to 6 months of additional forbearance for borrowers who requested, or will request, an initial COVID-19 Forbearance or HECM Extension from their mortgage servicer between July 1, 2021 and September 30, 2021 – allowing these borrowers to receive a maximum of 12 months of COVID-19 Forbearance or HECM Extension.
For more information, check out the FHA’s press release.
Sources:
Federal Housing Administration (FHA) – hud.gov
DS News – dsnews.com
|
EVO’s Digital Appraisal Forms Streamline Order Management Tired of using offline spreadsheets and Word docs for managing your real estate appraisal forms? This often confusing process is not only impossible to track, it also requires duplicate data entry – leading to even more risk and longer turn-times. Global DMS’ EVO™ appraisal management software resolves these pain-points by providing digital order and review forms that are 100% configurable, can be automatically selected and pre-populated via intelligent merge fields, and provide complete trackability – ensuring your staff and vendors always have the most up-to-date version of the form as it moves through your unique valuation process. |
