Forbearance Update – New FHA Repayment Options – Housing Market 2020 // Do you have mortgage forbearance on an FHA loan and wondering about your repayment options? FHA just released their covid 19 home retention waterfall options for homeowners with FHA forbearance. In this Housing Market 2020 update, I discuss these new FHA repayment options in more detail to give you an idea of what to expect as your forbearance mortgage period ends.
WeBull Promotion: Get 2 FREE Stocks:
https://act.webull.com/kol-us/share.html?hl=en&inviteCode=xKeIF8f8iAKM
Articles Referenced in this video: FHA EXPANDS HOME RETENTION MEASURES FOR HOMEOWNERS FINANCIALLY IMPACTED BY COVID-19
https://www.hud.gov/press/press_releases_media_advisories/HUD_No_20_102
Other HUD articles your might find helpful: HUD PROVIDES EVICTION PREVENTION AND STABILITY TOOLKIT IN LATEST COVID-19 RESPONSE EFFORT
https://www.hud.gov/press/press_releases_media_advisories/HUD_No_20_101
FHA’s covid 19 home retention waterfall for homeowners who occupy their FHA-insured single family residences now includes requiring servicers to assess homeowners for the following at or before the end of their forbearance period:
✅ The covid 19 National Emergency standalone partial claim takes all past due mortgage amounts and puts them in a separate, junior lien of up to 30 percent of the mortgage’s unpaid principal balance. This junior lien is only repayable when the mortgage ends, which, for most borrowers, is when they refinance or sell their home.
✅ The COVID-19 Owner-Occupant Loan Modification is for homeowners who do not qualify for the COVID-19 Standalone Partial Claim. It modifies the rate and term of the existing mortgage.
✅ The COVID-19 Combination Partial Claim and Loan Modification is for homeowners who are not eligible for either of the first two solutions. It allows for the use of a partial claim up to 30 percent of the unpaid principal balance; any other amounts owed are handled through a mortgage modification.
✅ The COVID-19 FHA HAMP Combination Loan Modification and Partial Claim is for homeowners who are not eligible for any other home retention solution. It reduces the amount of documentation needed to obtain a COVID-19 FHA HAMP Combination Loan Modification and Partial Claim.
Please let me know your thoughts below: Do you feel like these repayment options are going to help homeowners avoid foreclosure and a market crash? what are your predictions for the housing market 2020 forecast and the housing market 2020 california?
Do you believe there is a foreclosure wave coming after the foreclosure and eviction moratorium ends? After watching this video, do you believe there is a real estate bubble or a housing market crash 2020 coming?
Jeb Smith (Huntington Beach Realtor/orange county real estate)
DRE #01407449
Coldwell Banker Realty
Connect with me 👇🏻 :
B L O G ➳ http://www.jebsmith.net/blog
F A C E B O O K ➳ https://www.facebook.com/cbhbrealtor
I N S T A G R A M ➳ https://www.instagram.com/jebsmith
➜➜➜ SUBSCRIBE FOR MORE VIDEOS ➜➜➜
To never miss a video about personal finance & real estate related topics, please subscribe to my channel & then hit the bell notification here ➜ https://goo.gl/NZB1S6
Leave a Reply