Browsing Tag:LLP

biden-administration-declares-new-covid-19-aid-measures-for-fha-va-and-usda-debtors-ballard-spahr-llp
The Biden administration recently announced additional COVID-19 relief efforts for borrowers whose loans are insured or guaranteed by the Federal Housing Administration (FHA), the US Department of Veterans Affairs (VA), and the US Department of Agriculture (USDA). The action is designed to bring the options for such borrowers "closer to the options available to homeowners with Fannie Mae...
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hud-addresses-fha-mortgage-eligibility-of-daca-recipients-and-documentation-necessities-for-sure-different-non-everlasting-residents-ballard-spahr-llp
The US Department of Housing and Urban Development (HUD) recently addressed FHA mortgage loan eligibility for recipients of Deferred Action for Childhood Arrival (DACA) in Mortgagee Letter 2021-12. As previously reported, at the end of the Trump administration, HUD announced that with effect from January 19, 2021, individuals who are DACA with the US Citizenship & Immigration Service...
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president-biden-extends-covid-19-forbearance-interval-for-fha-usda-and-va-loans-akerman-llp
On February 16, 2021, President Biden announced an extension of the foreclosure moratorium and the availability of forbearance reliefs for the Federal Housing Administration (FHA), the U.S. Department of Agriculture (USDA), and the U.S. Department of Veterans in financial hardship due to COVID-19.For FHA, USDA, and VA borrowers, the foreclosure moratorium is extended to June 30, 2021. In addition,...
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president-biden-extends-covid-19-reduction-for-fha-usda-and-va-debtors-ballard-spahr-llp
On February 16, 2021, President Biden announced an extension of the foreclosure moratorium and the availability of forbearance relief to the Federal Housing Administration (FHA), the U.S. Department of Agriculture (USDA), and the U.S. Department of Veterans in financial distress from COVID-19. As previously reported, the Federal Housing Finance Agency (FHFA) recently announced the extension of the foreclosure...
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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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fha-clarifies-that-daca-categorized-residents-are-permitted-to-apply-for-fha-insured-mortgages-bradley-arant-boult-cummings-llp
On January 20, 2021, the US Department of Housing and Urban Development (HUD) issued guidelines clarifying the definition of “legal residence”. Under the updated guidance, HUD clarifies that individuals who are eligible to work in the U.S. under the DACA (Deferred Action for Childhood Arrivals) program with the U.S. Citizenship and Immigration Service (USCIS) are eligible for mortgages...
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daca-standing-recipients-now-eligible-for-fha-mortgage-loans-ballard-spahr-llp
The US Department of Housing and Urban Development announced on January 20, 2021 that starting January 19, 2021, individuals under the DACA program at the US Citizenship & Immigration Service (USCIS ) are classified and lawful permission to work in the United States is eligible to apply for FHA mortgages.Eligibility for FHA mortgage loans for such individuals is based...
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