447 County Homeowners Behind On Loan Payments Are At Risk Of Losing Homes; But Help Still Remains

Tuesday, July 6, 2021

There are currently 447 Hamilton County homeowners that are 90 plus days delinquent in their mortgage payments, officials of the federal Housing and Urban Development said.

 

County officials said, "These homeowners have not yet sought help to avoid future foreclosure. This means these Hamilton County residents are at risk of losing their homes.

 

"However, there is COVID-19 forbearance relief (a temporary postponement of mortgage payments) for delinquent FHA borrowers for a very limited time."

 

The deadline to apply for this relief is the end of this month, July 31.

 

Three federal agencies that back mortgages – the Department of Housing and Urban Development (HUD), Department of Veterans Affairs (VA), and Department of Agriculture (USDA) – will extend their respective foreclosure moratorium until that date, it was stated.

 

The Federal Housing Finance Agency (FHFA) will also announce that it has extended the foreclosure moratorium for mortgages backed by Fannie Mae and Freddie Mac until July 31.

Once the moratoria end, HUD, VA, and USDA will take additional steps to prevent foreclosures on mortgages backed by those agencies until borrowers are reviewed for COVID-19 streamlined loss mitigation options that are affordable, officials said.

 

FHFA will continue to work with Fannie Mae and Freddie Mac to ensure that borrowers are evaluated for home retention solutions prior to any referral to foreclosure. 

In addition, HUD, VA, and USDA will also continue to allow homeowners who have not taken advantage of forbearance to date to enter into COVID-related forbearance through September 30, 2021, while homeowners with Fannie Mae or Freddie Mac-backed mortgages who have COVID-related hardships will also continue to be eligible for COVID-related forbearance.

 

Finally, HUD, VA, and USDA will be announcing additional steps in July to offer borrowers payment reduction options that will enable more homeowners to stay in their homes.

 

This is a federal program, so to find further information please click on the following links.

 

https://www.hud.gov/tennessee

 

https://www.whitehouse.gov/briefing-room/statements-releases/2021/06/24/fact-sheet-biden-harris-administration-announces-initiatives-to-promote-housing-stability-by-supporting-vulnerable-tenants-and-preventing-foreclosures/

 

https://home.treasury.gov/system/files/136/FACT_SHEET-Emergency-Rental-Assistance-Program_May2021.pd


Georgia Has 33 More Coronavirus Deaths, 10,841 New Cases

Ooltewah Man Charged With Attack On Female Uber Driver

Cleveland City Schools To Close Wednesday Due To High Level Of Staff Absences


Georgia state health officials reported on Tuesday there have been 33 additional deaths due to the coronavirus. The current total is 26,833. There are 10,841 new cases reported on Tuesday, ... (click for more)

An Ooltewah man has been charged with raping a female Uber driver in an incident on Saturday night that began at the Chili's on Gunbarrel Road. Zachery Johnson is charged with aggravated rape, ... (click for more)

Cleveland City Schools will be closed on Wednesday. Officials said it is "d ue to the high level of staff absences." (click for more)



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