CCAR REMINDS LOCAL HOMEOWNERS OF AVAILABLE FEDERAL MORTGAGE FORBEARANCE
MYRTLE BEACH, S.C., April 2, 2020– Coastal Carolinas Association of REALTORS® (CCAR) wants to remind homeowners of the recent $2 Trillion COVID-19 economic relief package passed by Congress on March 27, 2020, which includes valuable mortgage forbearance support, including:
- Borrowers of government-backed mortgages, such as Fannie Mae, Freddie Mac, HUD, VA and USDA, can request an up to 360-day payment forbearance without proof of hardship. No additional fees, interest or penalties can be assessed for the forbearance. Extend mods are also available whereby missed payments are added to the end of the loan payment term. The process for private mortgage loans held by banks and securities is not as clear at this time but homeowners are encouraged to contact their banks directly to request forbearance.
- Owners of multifamily properties who were current on their mortgage payments as of February 1, 2020, and have a federally insured, assisted, or supplemented loan may request forbearance for 30 days due to financial hardship, with extensions of up to a total of 90 days. Borrowers receiving the forbearance may not evict or charge late fees to tenants for the duration of the forbearance period.
“We think this relief package will be an essential first aid package for homeowners and members of CCAR in our community to slowly get their feet back on the ground,” says Madison Cooper, CCAR Government Affairs Director. “There will likely be continued updates and additions to this information in the coming weeks. For the latest information, please contact your lender directly.”