Are you a tenant in a multifamily property? Do you own multifamly property currently in mortgage forbearance? If you answered yes to either of these, then I have some good news. Fannie Mae and Freddie Mac just announced a housing market 2020 extension that will benefit both tenants and multifamily property owners. In this video, New Forbearance Update to protect Tenants and Multifamily – Housing Market 2020 I discuss the update released by FHFA, explain the details of the extension and how it might benefit you.
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Articles Referenced in this video: FHFA Provides Tenant Protections
Protections apply to properties with Enterprise-backed loans that are in forbearance
https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Provides-Tenant-Protections.aspx
Other Articles you might be interested in:
Consumer Relief Guide – Your Rights to Mortgage Payment Forbearance and Foreclosure Protection Under the Federal CARES Act – https://files.consumerfinance.gov/f/documents/cfpb_csbs_consumers-forbearance-guide_2020-05.pdf
Fannie Mae Loan Lookup: https://www.knowyouroptions.com/loanlookup
Freddie Mac Loan Lookup: https://ww3.freddiemac.com/loanlookup
when does the foreclosure moratorium end? As of now, the moratorium ends on Aug 31 2020.
can I be evicted for not paying rent? Yes but currently if are renting a property and haven’t been paying your lease or rent payment and the loan on the property is owned by Fannie Mae, Freddie Mac or FHA then you can’t be evicted until August 31st.
FHA Press Release – https://www.hud.gov/press/press_releases_media_advisories/HUD_No_20_081
FHFA Press Release – https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Extends-Foreclosure-and-Eviction-Moratorium-6172020.aspx
I hope this housing market update provides you with insight on forbearance and what you should do if you can’t make your mortgage payment or are currently behind on your mortgage payments .
Please let me know your thoughts below: 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
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