As we all deal with the wrenching impact of the coronavirus it is important to keep abreast of the fast-moving events to take advantage of available relief.
Incomes are falling or being wiped out altogether and governments have stepped up to protect both homeowners and buyers who face difficulty at least int he next 60 days.
FHA Loan – 60 Day Suspension on Foreclosures and Evictions
A lot of homeowners buy their homes using what are known as FHA loans which means the mortgage is insured by the Federal Housing Administration.
If you have an FHA loan and are having difficulty making payments or you were already in the foreclosure process there is hope because as of March 18 all foreclosures and suspensions are suspended for 60 days.
My suspicion is that suspension will be extended as the true pain wrought by layoffs and loss of economic activity due to coronavirus is revealed.
Fannie, Freddie – 12 Month Forbearance
Homeowners with mortgages from Fannie, Freddie Mac and Federal Home Loan Bank s can receive up to 12 months of forbearance if the effects of the coronavirus make it difficult to make payments.
These programs should bring a sigh of relief to a lot of homeowners during this difficult time.
Call your mortgage company to request help if you need it! Do not wait until you fall behind if you believe you will have difficulty making payments within 30-60 days.
Get ahead of the problem because the administrative disruption from coronavirus may result in longer wait times to get the relief you need.
MD Suspended Evictions – Local Counties Follow
As for our state specifically, Governor Hogan has issued a moratorium on evictions. Hogan’s order does have a requirement that the homeowner or tenant show that the failure to pay is due to the impact of coronavirus. Though I would venture that anyone seeking an eviction during this crisis would be doing so at their own peril even if he or she could prove that the failure to pay was not related to this crisis.
Also, the local counties such as Baltimore County and Baltimore City have also suspended evictions.
Stay safe and follow the guidelines to protect those around you.
410-849-9529
Joe Githuku
