Real Estate

Foreclosure Moratorium Extended

Foreclosure Moratorium Extended

The U.S. Department of Housing and Urban Development (HUD) along with the Federal Housing Finance Agency (FHFA)  announced an extension of the foreclosure moratorium for single family homes.

The moratorium was previously extended until August 31, 2020, but now it is extended through December 31, 2020.

While this moratorium currently only impacts mortgages insured by the Federal Housing Administration (FHA), Fannie Mae and Freddie Mac, this encompasses the majority of homeowners.

The moratorium is for single-family mortgages, but they do not need to be owner-occupied. It also extends the eviction moratorium for residents of real estate owned (REO) properties. However, the eviction moratorium does not cover tenants facing eviction due to an inability to make payments.

Fannie Mae and Freddie Mac have also asked servicers to offer additional relief to homeowners, in the form of:

  • providing forbearance for up to 12 months;
  • waiving assessments of penalties or late fees;
  • offering loan modification options; and
  • allowing a payment deferral solution in which deferred payments will be due at the end of the loan (rather than at the end of the forbearance period).

Delaying the inevitable foreclosure wave

The moratorium extension will keep homeowners housed through the end of the year, at least. This will undoubtedly help 2020’s housing market and economy, but it also just pushes off the inevitable.

2020’s underlying recession, complicated and worsened by the global pandemic, has caused historic job losses across the nation. Until jobs and incomes are restored — which will not occur before year’s end when the new moratorium expires — there will be millions of  residents unable to make their housing payments. This jobs recovery isn’t likely to begin in a stable and consistent fashion until 2022-2023.

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Steven Wallace, EsqForeclosure Moratorium Extended
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Mortgage Forbearance Options Explained

Mortgage Forbearance Options Explained

Here is an excellent updated video outlining the Mortgage Forbearance Options under the CARES Act from the Consumer Financial Protection Bureau.  Note it isn’t too late!!!

For more information, please contact the experienced bankruptcy attorneys at The Wallace Law Group with a convenient office location in Boynton Beach representing clients in Boynton Beach, Delray Beach, Boca Raton, West Palm Beach, Greenacres, Wellington, Fort Lauderdale, Coral Springs, Deerfield Beach, Parkland, Hollywood, Weston, Aventura, Miami, Miami Beach.The Wallace Law Group, PL.

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Steven Wallace, EsqMortgage Forbearance Options Explained
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Steve Wallace Recorded Video Seminars

Steve Wallace Recorded Video Seminars

The Wallace Law Group, PL is proud to announce the availability of past video seminars on The Wallace Law Group, PL You Tube Channel.

Past Seminars include:

Legal Pitfalls of Distressed Real Estate Transactions

Fundamentals of Real Estate Syndication

Understanding the Commercial Real Estate Contract

Evictions During a Pandemic: Understand Your Rights

Top 10 Fundamentals of Real Estate Investment

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Steven Wallace, EsqSteve Wallace Recorded Video Seminars
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New Update on COVID-19 Loan Program

New Update on COVID-19 Loans

This blog entry will update small businesses about the loan programs available under the CARES Act.  This blog updates my prior article COVID-19 Financing Options Simplified written on April 1, 2020, our April 6, 2020 blog post and our April 14, 2020 blog post.

The initial $350 billion dollars allocated to the Payroll Protection Plan ran out on April 16, 2020.

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Steven Wallace, EsqNew Update on COVID-19 Loan Program
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5 Tips When Purchasing a New Home in Florida

5 Tips When Purchasing a New Home in Florida

This Blog Post will provide 5 Tips to Purchasing a home in Florida provided to you by our Florida Bar Board Certified Attorney Steven Wallace, Esq.

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Steven Wallace, Esq5 Tips When Purchasing a New Home in Florida
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Florida Moratorium on Foreclosures and Evictions

 Florida Moratorium on Foreclosures and Evictions

COVID-19 Economic Fallout

On April 3, 2020, in response to the COVID-19 pandemic, Florida Governor Ron Desantis signed Executive Order 20-94 which halted all Foreclosure Actions and Residential Tenant Eviction Actions for Non-Payment of Rent for 45 days.

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Steven Wallace, EsqFlorida Moratorium on Foreclosures and Evictions
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