Foreclosures get extended
Didier Malagies • June 18, 2020
What is happening with the new guidelines for the self-employed Mortgage Loans
Jordan Borchard posted in
Housing in Housing News
FHFA, FHA Extend Foreclosure/Eviction Moratorium to Aug. 31
Source: MBA
Written by: Staff Reporter
The Federal Housing Finance Agency and HUD announced Fannie Mae, Freddie Mac and FHA will extend their single-family moratorium on foreclosures and evictions until at least August 31.
The foreclosure moratorium applies to Enterprise-backed, single-family mortgages, as well as FHA-insured single-family mortgages. The current moratorium was set to expire on June 30.
FHA’s Single-Family foreclosure and eviction moratorium extension applies to homeowners with FHA-insured Title II Single Family forward and Home Equity Conversion (reverse) mortgages, and continues to direct mortgage servicers to:
• Halt all new foreclosure actions and suspend all foreclosure actions currently in process, excluding legally vacant or abandoned properties; and
• Cease all evictions of persons from FHA-insured Single-Family properties, excluding actions to evict occupants of legally vacant or abandoned properties.
“To protect borrowers and renters during the pandemic we are extending the Enterprises’ foreclosure and eviction moratorium. During this national health emergency no one should worry about losing their home,” said Director Mark Calabria.
“While the economic recovery is already underway, many American families still need more time and assistance to regain their financial footing,” said HUD Secretary Ben Carson. “Our foreclosure and eviction extension means that these families will not have to worry about losing their home as they work to recover from the financial impacts of COVID-19.”
FHFA will continue to monitor the coronavirus situation and update policies as needed. To understand the protections and assistance the government is offering people having trouble paying their mortgage, visit the joint HUD, FHFA and the Consumer Financial Protection Bureau website at www.cfpb.gov/housing.
Check out our other helpful videos to learn more about credit and residential mortgages.
• 12-Month Bridge Loans with interest-only payments • Cash-Out Refis, Purchase Loans, Second Liens, and Portfolio Loans • Nationwide lending on non-owner occupied residential properties, including condos • No FICO minimum – We welcome credit-challenged borrowers • No income or employment verification • No seasoning required • No appraisal contingencies • We fund mid-foreclosure and past bankruptcy deals • Pure asset-based lending – • Closings in as fast as 3–5 days tune in and learn https://www.ddamortgage.com/blog Didier Malagies NMLS #212566 dda mortgage nmls#324329
Cost of Retirement comfort soars, leaving most far short
1. HOA / Condo Association Loans (Most Common) These are commercial loans made directly to the association, not individual unit owners. Typical uses Roof replacement Structural repairs Painting, paving, elevators, plumbing Insurance-driven or reserve shortfalls Key features No lien on individual units Repaid through monthly assessments Terms: 5–20 years Fixed or adjustable rates Can be structured as: Fully amortizing loan Interest-only period upfront Line of credit for phased projects Underwriting looks at Number of units Owner-occupancy ratio Delinquency rate Budget, reserves, and assessment history No personal guarantees from owners 2. Special Assessment Financing (Owner-Friendly Option) Instead of asking owners to write large checks upfront: The association levies a special assessment Owners can finance their portion monthly Reduces resistance and default risk Keeps unit owners on predictable payments This is especially helpful in senior-heavy or fixed-income communities. 3. Reserve Replenishment Loans If reserves were drained for an emergency repair: Association borrows to rebuild reserves Keeps the condo compliant with lender and insurance requirements Helps protect unit values and marketability 4. Florida-Specific Reality (Important) Given your frequent focus on Florida condos, this resonates strongly right now: New structural integrity & reserve requirements Insurance-driven roof timelines Older associations facing multi-million-dollar projects Financing often prevents forced unit sales or assessment shock Many boards don’t realize financing is even an option until it’s explained clearly. 5. How to Position the Conversation (What to Say) You can frame it simply: “Rather than a large one-time special assessment, the association can finance the project and spread the cost over time—keeping dues manageable and protecting property values.” That line alone opens the door. 6. What Lenders Will Usually Ask For Current budget and balance sheet Reserve study (if available) Insurance certificates Delinquency report Project scope and contractor estimate Bottom Line Condo associations do not have to self-fund roofs or major repairs anymore. Financing: Preserves cash Reduces owner pushback Helps boards stay compliant Protects resale values Tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329
