Housing and Mortgage Information
The primary “Investors/Insurers” have issued guidance to loan servicers (banks) on possible forbearance for homeowners who are experiencing financial hardships as a result of Coronavirus disease (COVID-19). Additionally the OCC has issued guidance addressing mortgages and banking/
Please see the following links:
- HUD (FHA Insured Mortgage): https://www.hud.gov/sites/dfiles/Main/documents/LossMitigation-Guidance-Single-Family-Stakeholders-March2019.pdf
- VA (Veterans Administration Insured Mortgages): – N/A
- Fannie Mae: https://singlefamily.fanniemae.com/servicing
“We are actively monitoring reports about the possible spread of the coronavirus (i.e., COVID-19) in the United States, and understand that you may have concerns about its potential impact on borrowers and your business. We want to remind servicers that you can offer forbearance in accordance with our existing policies to assist borrowers who are unable to make their monthly mortgage loan payment as a result of a temporary hardship (for example, if a borrower is quarantined and unable to work). The servicer should evaluate the borrower for a forbearance plan or other workout assistance in accordance with our existing requirements. View our Servicing Workout Hierarchy for details”
- Freddie Mac: N/A
- FHFA (The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks) https://www.fhfa.gov/Media/PublicAffairs/Pages/Statement-from-FHFA-Director-Mark-Calabria-on-Coronavirus.aspx
- OCC: https://www.occ.gov/news-issuances/bulletins/2020/bulletin-2020-15.html
General Guidance for Natural Disasters (provides general insight into policies and procedures regarding assisting homeowners with foreclosure avoidance
- HUD https://www.hud.gov/program_offices/housing/sfh/nsc/qaho0121
- VA https://www.benefits.va.gov/homeloans/documents/docs/va_policy_regarding_natural_disasters.pdf
- Fannie Mae https://www.fanniemae.com/portal/about-fm/disaster-help-for-homeowners.html
- Freddie Mac https://sf.freddiemac.com/general/disaster-relief
Avoiding Scams - Housing Counseling
Calling a loan servicer directly to discuss forebearnce options can generally be done without assistance (ensure you receive written confirmation of any agreement), however any discussions regarding loan modifications should be done with assistance.
HUD provides counseling assistance at no-cost.
Beware of scams offering to assist in reducing loan payments, avoiding foreclosure etc that charge a fee!!
For information on HUD Counseling Agencies including how to locate the nearest office, please see following link https://www.hud.gov/i_want_to/talk_to_a_housing_counselor
Additionally you can contact http://www.hopenow.com/about-us.php - HOPENOW also has additional information of value including this from the Dept/ of Labor http://www.hopenow.com/pdf/DUA_Pamphlet_0414.pdf