Officials from federal mortgage companies Freddie Mac and Fannie Mae have COVID-19 prominently on their minds.
In fact, government regulators have had a top-tier view of the economic calamity spawned by the virus, and they have taken measures to help homeowners deal with unprecedented challenges.
One key mortgage-linked move announced earlier this year spotlighted an implementation of additional safeguards for individuals and families experiencing undue financial pressure from pandemic dislocations. Freddie Mac and Fannie Mae extended a moratorium on evictions and foreclosures tied to single-family residences until June 30.
That temporary reprieve obviously helped legions of homeowners, but it has ultimately not been enough to see many of them through the crisis.
That reality has prompted further movement, namely this: a recently announced move to further push out the moratorium until August 31. Regulators hope the additional time will enable people struggling with exactions to stay in their homes.
The U.S. Department of Housing and Urban Development has also announced that its current moratorium on FHA loans will be similarly pushed out to the end of August. HUD Secretary Ben Carson stresses that “many American families still need more time and assistance to regain their financial footing.”
The New Jersey Law Office of Rajeh A. Saadeh applauds government action that works with – not against – homeowners facing stark challenges.
Those individuals and families can be helped by proven and empathetic legal counsel. We note on our firm’s website that our deep and committed legal team is routinely focused on “exploring solutions for homeowners in difficult straits.”
We welcome contacts to the firm and the opportunity to provide meaningful legal relief for valued and diverse clients.