Mortgage Industry News
« Return to Mortgage Industry News
FHA Forbearance Eligibility and Eviction Moratoria Extended
Wednesday, January 27, 2021
The Acting Secretary of the Department of
Housing and Urban Development (HUD) has announced an extension of the deadline
for borrowers with FHA mortgage loans to apply for and receive forbearance.
Matthew Ammon said up to six months of deferred or reduced mortgage payments
may be available to homeowners financially impacted by the pandemic who request
it by March 31, 2031. An additional six-month extension to the initial forbearance
term is possible. Ammon said, "On the first day of his
new Administration, President Biden took immediate actions to stem the economic
devastation experienced by the nation's hardworking families because of the pandemic.
Today's extension supports the President's direction by providing more time for
homeowners to seek mortgage payment relief."
Read Full Article