HUD Relief for Home Owners
We have received a lot of questions about how the HUD Relief plan will affect our clients. Here is what we believe, at this point in time, with the understanding that the situation is fluid.
According to HUD.gov:
• 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
What does this mean for you:
1. If you have a loan that is FHA backed, your current foreclosure action is suspended for 60 days. The lender and their attorney MAY continue motion practice however, Law Days and Foreclosure sales will be postponed.
Judgments of Foreclosure may still be filed and granted. It is important to keep working with your attorney or hire an attorney to protect your rights and your home.
2. If you are being evicted from an FHA insured single family property. That Action Of physically removing you from the home by a marshal will be postponed, however, judgments may still enter.
Do you have an FHA Loan?
The best way to know of sure is to call your lender. And ask. If our office has your foreclosure file, we will be able to advise you.
What should you do in the meantime?
1. Stay healthy. Take care that you do not contract or spread the virus.
2. If you are not delinquent and can afford too, make your regular mortgage payments.
3. If you cannot make your mortgage payments or foresee not being able to make payments in the next 60 days, contact our office and discuss your loss mitigation options.
Banks have been encouraged to continue their loss mitigation departments for distressed homes. A Foreclosure Defense Attorney works for you to navigate the many hurdles of loss mitigation, which could include Modifications, Forbearance, or other programs that may come up to assist homeowners in these turbulent times.
Bottom Line: The process of Foreclosure has not been stopped. Banks will continue to foreclose and your property may still be in jeopardy. DO NOT WAIT to contact an attorney to help protect your home from foreclosure.
Our attorneys at Rosenberg & Hite, LLC are keeping a close eye on the changing landscape of Foreclosure Modification and Defense.
Our office is open for telephonic consultation.