Foreclosure Moratoriums Ending July 31
"You don't overcome challenges by making them smaller, but by making yourself bigger." —John C. Maxwell
A Harvard University housing report warns that over 2 million American homeowners who have delinquent mortgages are at risk of foreclosure. As the COVID-19 pandemic ebbs a new contagion of housing insecurity is preparing to spread creating a wave of evictions.
Over 7 million American homeowners were placed under the protection of a foreclosure moratorium as a result of the Coronavirus Aid, Relief, and Economic Security Act (CARES) last spring. The Biden administration extended the moratorium as millions seek a way to modify their loans or find a way to save their homes.
Numerous deadlines have passed and been extended by both federal, state, and local governments. This myriad of ever-changing expiration dates has left many confused and uncertain. However, one thing is clear. The federal government is determined to prevent a wave of foreclosures and evictions as evidenced by a foreclosure moratorium on all federally-insured mortgages until July 31st, 2021.
However, Financial Reg News reports that the Federal Housing Finance Agency (FHFA) is offering borrowers protections after moratoriums end. “FHFA officials announced that Fannie Mae and Freddie Mac servicers would not be permitted to make the first notice or filing for foreclosure that would be prohibited by the Consumer Financial Protection Bureau’s (CFPB) Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X Final Rule before the CFPB rule takes effect.” This rule prevents any move to foreclose before December 31, 2021.
It’s no leap of logic to conclude that there are thousands, perhaps tens of thousands of older homeowners who don’t know how to save their homes. And yes, some may not be aware that a Reverse Mortgage could in fact save the very roof over their head.
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Reverse Mortgages are a great and safe way to eliminate your monthly mortgage payment or finance a new home. If you are 62 or older and you own a house you can take advantage of a tax-free income stream with many retirement benefits.
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