Posted To: MND NewsWireDeadlines for COVID-19 related relief for borrowers with Fannie Mae and Freddie Mac (GSE) mortgages were extended by the Federal Housing Finance Agency (FHFA) for the second time in a little over two weeks. The agency said the new changes were made to bring GSE programs into alignment with the deadlines for the similar FHA and the VA programs which the White House had extended last week. The moratorium on foreclosures of GSE mortgages was changed from a March 31 expiration to June 30 as was the moratorium on evictions. The latter applies only to GSE owned real estate (REO) that was foreclosed or taken through a deed-in-lieu. FHFA also announced another three-month extension of COVID-19 forbearance. The available period during which borrowers impacted by the pandemic can defer or make reduced...(read more)
The FHFA also amended its separate payment deferral option for homeowners so they can now miss up to 18 months of payments.
The post Borrowers With Fannie Mae, Freddie Mac Mortgages Can Receive Up to 18 Months of Forbearance, Regulator Says appeared first on Real Estate News & Insights | realtor.comÂ®.
Posted To: MND NewsWireThe Urban Institute (UI) says the surge in foreclosures predicted as the COVID-19 pandemic drove unemployment to the highest level since the Great Depression may not materialize, even when the current forbearances end. Two UI researchers, Michael Neal and Laurie Goodman, say that even vulnerable homeowners may be spared, and they think they have identified the reasons. Mortgage forbearance rates peaked at 8.55 percent of active mortgage in June 2020 and began to fall when unemployment rates did. Since October, however, both unemployment and forbearance rates have flattened. This has heightened concern that many homeowners could face foreclosure later this year. The authors say about a quarter of the 2.7 million borrowers who remain in forbearance plans are continuing to make their payments...(read more)
If you donât pay your mortgage, it will set you on the path to foreclosure, which means losing your house. It may take a while, but it's a likely outcome.
The post What Happens If I Stop Paying My Mortgage? appeared first on Real Estate News & Insights | realtor.comÂ®.