Browsing Tag:Foreclosure

fha-and-hud-announce-new-foreclosures-aid-measures-for-these-lately-affected-by-covid-19
The Department of Housing and Urban Development has announced new COVID-19 relief measures for those with FHA mortgages. This message follows a previously issued FHA mortgage letter, ML2021-19, "Extension of Moratorium on Foreclosure and Expiration of Moratorium on Foreclosure Associated with President-Declared COVID-19 National Emergency," which contained the following: Opinion:"The moratorium on HUD foreclosure expires on July 31, 2021,...
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fha-and-hud-announce-streamlined-foreclosures-aid
The FHA and HUD have announced simplified mortgage relief for those in need of help due to the COVID-19 pandemic. Those with FHA mortgages have a new "FHA COVID-19 Recovery Waterfall" that "streamlines and revises the FHA's previous options for troubled homeowners, reduces the documentation required, and enables mortgage servicing providers for eligible FHA-insured homeowners Single family titles grant...
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fha-and-gses-prolong-forbearance-coverage-and-foreclosures-moratoriums-weiner-brodsky-kider-pc
FHA, Fannie Mae, and Freddie Mac recently released COVID-19 related updates regarding maintenance. The FHA published the 2021-15 Mortgage Letter, Freddie Mac published the 2021-23 Bulletin, and Fannie Mae updated the 2021-02 Lender Letter, all of which extend the previously announced moratoria on foreclosure through July 31, 2021 foreclosure actions, including foreclosure sales, initiating a judicial or extrajudicial...
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fha-extends-foreclosures-moratorium-expands-reduction-for-reverse-mortgage-debtors
The U.S. Department of Housing and Urban Development (HUD) on Tuesday released a Mortgagee Letter (ML) containing a set of housing requirements for all Federal Housing Administration (FHA) single-family home programs, including the Home Equity Conversion Mortgage (HECM) program . This includes an additional extension of the foreclosure and eviction moratorium announced for the first time at the...
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seniors-face-foreclosures-in-retirement-after-failed-reverse-mortgage
In a stealth aftershock of the Great Recession, nearly 100,000 loans that allowed senior citizens to tap into their home equity have failed, blindsiding elderly borrowers and their families and dragging down property values in their neighborhoods.In many cases, the worst toll has fallen on those ill-equipped to shoulder it: urban African Americans, many of whom worked for most of their lives, then found themselves struggling in...
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new-york-enacts-new-reverse-mortgage-foreclosures-legislation-bradley-arant-boult-cummings-llp
On December 15, 2020, New York Governor Andrew Cuomo signed a bill that, among other things, requires that reverse mortgage lenders in the state notify the state Treasury Department (DFS) and mortgage lenders of an impending foreclosure on reverse mortgage borrowers.The legal and regulatory regime for reverse mortgages has evolved rapidly over the past 24 months. Earlier this...
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hud-declares-extension-of-fha-mortgage-foreclosures-eviction-moratorium
A press release on the official website of the Department of Housing and Urban Development announced that the Biden administration "has requested the United States Department of Housing and Urban Development and other federal agencies" to end the current COVID-related foreclosure and eviction moratorium on single-family mortgages to be extended insured by the Federal Housing Administration. This application also...
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fha-extends-foreclosures-moratoriums-and-different-covid-19-associated-insurance-policies-weiner-brodsky-kider-pc
The FHA recently extended several temporary provisions and exemptions to mitigate the impact of the COVID-19 pandemic on borrowers insured by the FHA. These extensions include, among others: the extension of the foreclosure and eviction moratorium on foreclosures of real estate secured by FHA-insured single-family mortgage loans (excluding vacant or abandoned real estate) until February 28, 2021; extending the approval...
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