Extension Of Federally Backed Loan Foreclosures And Evictions Until June 30, 2020 The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac (the Enterprises) to EXTEND SUSPENSION OF FORECLOSURES AND EVICTIONS THROUGH JUNE 30, 2020, due to the Coronavirus national emergency. The foreclosure and eviction suspension applies to homeowners with an Enterprise-backed […]
Does NJ Mortgage Forbearance Apply to Reverse Mortgages?
Care Act Mortgage Forbearance Can Apply To Reverse Mortgages Federally Backed Mortgages are eligible for a Mortgage Forbearance under the CARES Act. Most Reverse Mortgages are “Federally Backed.” The forbearance should be an initial period of 180 days and can be for up to one (1) year if you can represent that you are experiencing […]
What Happens After Forbearance for GSE Loans?
Mortgage Forbearance For GSE (Government Sponsored Enterprise) Loans If you have a federally backed mortgage loan, the CARES Act provides the right to a mortgage forbearance. Federally backed loans include: Fannie Mae Freddie Mac FHA VA USDA Reverse Mortgages The forbearance can be for up to one (1) year if you can represent that you […]
Assistance for NJ Homeowners Regarding Mortgage Forbearance
This is a summary of information on mortgage forbearance that originally appeared on the National Consumer Law Center (NCLC) website. Read the full article here. Assistance for NJ Homeowners Regarding Mortgage Forbearance If you have a federally backed mortgage loan, the CARES Act provides two kinds of relief: a foreclosure moratorium and the right to […]
Beware Mortgage Forbearance in NJ
What is Mortgage Forbearance? What Will Happen Afterwards? There are new state and federal programs to provide “Forbearance” on mortgage payments. However, NJ homeowners should understand what a “Forbearance” will do. A forbearance agreement is one type of short-term relief being offered by many loan servicers. The loan servicer agrees to reduce or suspend your […]
NJ Executive Order Halts Sheriff Sales & Evictions Due to Coronavirus
Per Executive Order no. 106 signed by Governor Phil Murphy, the County Sheriff’s Offices should not be proceeding with any Sheriff Sales or evictions at this time. The order provides no end date except to say that it shall end 60 days after the declared State of Emergency, or the current Public Health Emergency, shall […]
NJ Law Journal: Omissions and Mistakes in the CARES Act
Ira J. Metrick co-authored an article in the New Jersey Law Journal this month on errors and omissions found within the Coronavirus Aid, Relief, and Economic Security (CARES) Act recently enacted by the federal government. Under this Act as it is currently written, countless individuals who are already facing financial hardship may lose their Coronavirus […]
Gov. Murphy Announces 90 Day NJ Coronavirus Mortgage Relief
Governor Phil Murphy has announced a relief initiative for homeowners unable to make their mortgage payments due to the Coronavirus, effective March 28, 2020. Under this plan, New Jersey residents facing hardship due to COVID-19 may be eligible for: A 90-Day Grace Period for Mortgage Payments Waived or Refunded Fees and Charges for 90 Days […]
Federal Government Suspends Foreclosures and Evictions Due to Coronavirus
The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac (the Enterprises) to suspend foreclosures and evictions for at least 60 days due to the coronavirus national emergency. The foreclosure and eviction suspension applies to homeowners with an Enterprise-backed single-family mortgage. Homeowners with federally backed mortgage loans affected by COVID-19 can also […]
Bank of America Will Allow Customers to Defer Mortgage Payments
On Thursday, March 19, Bank of America announced that it will allow homeowners who are experiencing hardship due to the Coronavirus outbreak to request to defer payments, with these payments being added to the end of the loan. They have also paused foreclosure sales, evictions, and repossessions for the time being. Read the full statement […]
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