Facing pressure from the mortgage industry and lawmakers, the U.S. Department of Agriculture and Federal Housing Administration have both extended their forbearances through May 31.
The USDA’s extension will cover single-family homeowners with USDA-backed loans who have been impacted by the coronavirus pandemic. The agency had initially announced a 60-day forbearance period back in March, but due to the ongoing pandemic and its effect on homeowners, the USDA decided to extend the forbearance period.
Similarly, the FHA will also extend its forbearance period for single-family homeowners with FHA-backed loans. The FHA had initially announced a 60-day forbearance period back in March as well, but will now extend that through May 31.
Both agencies’ forbearance programs will allow homeowners to temporarily suspend their mortgage payments if they’ve been impacted by the coronavirus pandemic. Homeowners who participate in the forbearance programs will not be charged late fees, and their credit scores will not be impacted.
You can read this full article at: https://www.housingwire.com/articles/usda-fha-extend-forbearances-through-may-31/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.
Share This Story, Choose Your Platform!
Related Posts
Disclaimer
The information provided in this article is for general educational and informational purposes only and does not constitute legal, financial, investment, tax, or professional advice. Note Servicing Center, Inc. is a licensed loan servicer and does not provide legal counsel, investment recommendations, or financial planning services. Reading this content does not create an attorney-client, fiduciary, or advisory relationship of any kind.
Nothing in this article constitutes an offer to sell, a solicitation of an offer to buy, or a recommendation regarding any security, promissory note, mortgage note, fractional interest, or other investment product. Any references to notes, yields, returns, or investment structures are illustrative and educational only. Past performance is not indicative of future results, and all investments involve risk, including the potential loss of principal.
Note investing, real estate transactions, and lending activities are subject to federal, state, and local laws that vary by jurisdiction and change over time. Before making any decision based on the information in this article, you should consult with a qualified attorney, licensed financial advisor, certified public accountant, or other appropriate professional who can evaluate your specific circumstances.
While we make reasonable efforts to ensure the accuracy of the information presented, Note Servicing Center, Inc. makes no warranties or representations regarding the completeness, accuracy, or current applicability of any content. We disclaim all liability for actions taken or not taken in reliance on this article.