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Foreclosures and Evictions for FHA Insured Mortgages Suspended
LOUISIANA REALTORS • March 20, 2020
The Federal Housing Administration (FHA) is implementing an immediate foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages until April 30th. The guidance issued applies to homeowners with FHA-insured Title II Single Family forward and Home Equity Conversion (reverse) mortgages, and directs mortgage servicers to:
FOLLOW HUD UPDATES
- Halt all new foreclosure actions and suspend all foreclosure actions currently in process; and
- Cease all evictions of persons from FHA-insured single-family properties.
FHA continues to encourage servicers to offer loss mitigation options to distressed borrowers – including those that could be impacted by the Coronavirus – to help prevent them from going into foreclosure. These include short and long-term forbearance options, mortgage modifications, and other mortgage payment relief options available based on the borrower’s individual circumstances.
As a Louisiana REALTOR®, understanding how to handle fair housing complaints properly is essential to protecting your reputation, maintaining compliance, and serving your clients fairly.
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As a Louisiana REALTOR® you have the power to shape communities and ensure fair housing opportunities for all. Fair housing advocacy is not just about compliance with the law; it’s about fostering inclusive, diverse, and thriving neighborhoods.
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Baton Rouge, LA 70802