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On Tuesday, the Federal Housing Administration (FHA) announced it is extending the date for single family homeowners with FHA-insured mortgages to request an initial forbearance from their mortgage servicer to forbear their mortgage payments for up to six months.
Homeowners experiencing a financial hardship due to COVID-19 may now request an initial forbearance through the end of this year, Dec. 31, 2020.
Previously, homeowners with FHA-insured mortgages needing assistance had until Oct. 30 to request COVID-19 forbearance from their mortgage servicer.
“Since day one President Trump has made it clear that no American should fear losing their home in the midst of this pandemic,” U.S. Department of Housing and Urban Development Secretary Ben Carson said in a Tuesday news release. “Today’s forbearance request extension for single family homeowners further solidifies that commitment. I can’t stress enough that this relief should be reserved for those that need it most. The great American come back is in full force – if we work together, we can achieve and even surpass the economic prosperity we saw prior to the pandemic.”
FHA requires mortgage servicers to provide up to six months of COVID-19 forbearance when a homeowner requests this assistance, and up to an additional six months of forbearance for homeowners who request an extension of the initial forbearance. Homeowners needing assistance must engage with their servicer to obtain an initial forbearance or to obtain an extension of the initial forbearance.