TThe City of San Marcos is urging homeowners with FHA-insured single-family mortgages who are financially affected by the COVID-19 pandemic to seek help through the FHA’s special COVID-19 mortgage waiver program. All homeowners with FHA-insured loans can request a grace-free grace period due to the COVID-19 pandemic.
Abstaining from COVID-19 is not forgiveness. Qualified homeowners can temporarily reduce or suspend monthly mortgage payments for up to six months, but will be required to pay any future reduced or suspended payments. Payments can occur over time; a lump sum payment is not required at the end of the abstinence period.
The federal moratorium on foreclosure and eviction remains in effect until July 31, 2021. According to the US Department of Housing and Urban Development, more than 300,000 borrowers are at least 60 days overdue on their mortgages and are eligible for abstinence assistance.
Qualified homeowners must request COVID-19 abstinence assistance from their mortgage maintenance staff by September 30, 2021. When working with their mortgage servants, homeowners should state that the hardships of COVID-19 require tolerance. The fix is not required.
Most homeowners with other types of loans can also request mortgage assistance. More information on help options can be found online at: www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/
For more information about COVID-19 mortgage termination, contact the FHA Resource Center at 1.800.225.5342 or visit www.hud.gov/coronavirus/homeowners…