Good information to be aware of from the FHFA. Please watch video for the entire message.
“…. Federal Housing Finance Agency’s (FHFA) decision to suspend foreclosures and evictions for homeowners with a Freddie Mac or Fannie Mae backed single-family mortgage for at least 60 days due to the coronavirus (COVID-19) national emergency.
This decision followed the announcement that the U.S. Department of Housing and Urban Development (HUD) had halted foreclosures and evictions for FHA loans on single family homes for 60 days due to COVID-19.
Earlier this month, the FHFA announced that Freddie Mac and Fannie Mae are providing payment forbearance to borrowers impacted by the coronavirus, which will allow a mortgage payment to be suspended for up to 12 months for qualified borrowers.
We encourage you and your customers to visit Hud.gov and FHFA.gov for more information. Please take this as an opportunity to get yourself up to speed on the programs available for your contacts and customers and reach out to them to ensure they’re aware and have access to this information. You could also suggest that your clients contact their mortgage servicer or lender if they have been affected by COVID-19 ASAP.
The great team at the National Association of Realtors are working hard to advocate for the needs of the industry and you can find a number of different resources on their site as we’ve referenced in previous communications, including new guidance issued on Friday March 20th regarding Open Houses. This is yet another opportunity to call every customer in your book of business and share this guidance with them. You never know who within your database maybe wondering, “what should I do,” “how should I safely view properties in this environment,” “how should I proceed.” A simple call or text, a post on your social feeds is an opportunity for you to demonstrate expertise and connectedness to the present market conditions.
We’ll stay connected to the pending stimulus legislation being developed as to how it impacts you and where to find the most up to date information.
Until then, stay safe and stay positive!