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.
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NAR is pleased to share the latest consumer guide offering homeowners factors to consider when deciding whether to sell their home. The guide includes seven discussion points to help potential sellers think through the decision with the help of a real estate professional who’s a REALTOR®. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow up to two weeks 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: NEW: Thinking of Selling? 7 Factors to Consider How to Make Your Home More Energy Efficient Can’t Pay Your Mortgage? You Have Options 8 Tips for Selling Your Home in Winter Hiring a Remodeling Contractor Real Estate Contract Contingencies 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 home buying 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 the next consumer guide, which will look at factors to consider when deciding whether to purchase real estate as an investment.
