Foreclosures and Evictions for FHA Insured Mortgages Suspended
LOUISIANA REALTORS • March 20, 2020
The Federal Housing Administration (FHA) is implementing an immediate foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages until April 30th. The guidance issued applies to homeowners with FHA-insured Title II Single Family forward and Home Equity Conversion (reverse) mortgages, and directs mortgage servicers to:
FOLLOW HUD UPDATES
- Halt all new foreclosure actions and suspend all foreclosure actions currently in process; and
- Cease all evictions of persons from FHA-insured single-family properties.
FHA continues to encourage servicers to offer loss mitigation options to distressed borrowers – including those that could be impacted by the Coronavirus – to help prevent them from going into foreclosure. These include short and long-term forbearance options, mortgage modifications, and other mortgage payment relief options available based on the borrower’s individual circumstances.
NAR is pleased to share the latest consumer guide focused on state and local tax (SALT) deductions . This guide explains federal tax law changes that temporarily quadruple the amount of state and local taxes (SALT) that taxpayers can deduct and will make homeownership more accessible and affordable, especially for people in higher-tax states. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: Assistance Programs Real Estate Auctions Working with a Real Estate Attorney Making Your Home More Energy Efficient Buying a Historic Property Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on August 6, which will cover packing tips and tricks.
The Louisiana REALTORS® Board of Directors will elect six (6) LR At-Large Directors at its October 8th meeting. Qualifications and an application for the position can be found below.
From flood zones to hurricane season, Louisiana clients have big questions. Learn how REALTORS® can confidently respond with local insights that build trust and close deals.
