This relief will be offered via two specific programs: FHA borrowers who cannot resume their monthly payments may be eligible for a 25% reduction to their P&I payment as part of a loan modification. The new HUD guidelines, which apply to all homeowners with FHA loans, require borrowers impacted by COVID-19 to be offered a no-cost option for resuming mortgage payments. New Loan Modification and Payment Reduction Options FHA Loans But if you find yourself struggling to make mortgage payments and not sure if you qualify, you should contact your loan servicer directly and ask if you qualify for any of these options. Mortgage servicers are encouraged to proactively work with eligible borrowers and provide the options outlined below. Still, nearly 1.75 million Americans remain in forbearance. The number of households in forbearance has decreased by 50% from the pandemic peak, the Biden administration said. government put forbearance measures in place. The White House says these actions “will help more borrowers retain their homes, prevent future re-defaults, help more low-income and underserved borrowers build wealth through homeownership, and assist in the broader COVID-19 recovery.”Ĭlose to 7.2 million American families took advantage of forbearance options since the U.S. The change brings mortgages backed by HUD, USDA, and VA into closer alignment with similar relief options previously provided to Fannie Mae and Freddie Mac borrowers.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |