Good news alert! (Finally.)
On Wednesday the government announced a 60-day hold on all foreclosure related activities for loans backed by Fannie Mae and Freddie MAC and for FHA loans which are insured by HUD.
That means that new foreclosure cases won’t be filed and foreclosures that are already in the courts will not be pushed forward. There will be no foreclosure trials or sales conducted during the hold period.
The move is meant to keep people in their homes during the coronavirus health crisis. The government wants to provide immediate relief to homeowners who are delinquent in payments and who run this risk of losing their homes because they can’t pay their mortgages.
Remember: You are only eligible for relief under the program announced on Wednesday if you have an FHA loan or a loan backed by Fannie or Freddie.
As everybody knows, we’ve been dedicated to helping homeowners save their homes from foreclosure since the last crisis. And we’re gearing up to help our clients during this crisis as well. Our firm plans to take advantage of this pause to modify as many clients as possible. The Banks are still working, and they are under pressure to help struggling homeowners during this crisis.
If you have any questions about the new program, shoot us an email.
Stay safe everyone. We will get through this together.