FHFA Extends Protections To Tenants With GSE-Backed Loans In Forbearance

Photo Credit: Getty Images/krblokhin

The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac are allowing servicers to extend forbearance agreements for multifamily property owners with existing forbearance agreements for up to three months, for a total of six months, to help renters in multifamily properties stay in their homes.

Eric C. Peck
 & 
June 30, 2020

The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac are allowing servicers to extend forbearance agreements for multifamily property owners with existing forbearance agreements for up to three months, for a total of six months, to help renters in multifamily properties stay in their homes. While the properties are in forbearance, the landlord must suspend all evictions for renters unable to pay rent. The forbearance extension is available for qualified properties with a GSE-backed multifamily mortgage experiencing a financial hardship due to COVID-19.

If extended, once the forbearance period concludes, the borrower may qualify for up to 24 months to restore the missed payments.

Click here to learn more about the latest FHFA extensions.

This article originally appeared in the National Mortgage Professional print magazine.

Eric C. Peck is senior editor of National Mortgage Professional magazine and editor-in-chief of the National Mortgage Professional Magazine website.

Eric C. Peck is senior editor of National Mortgage Professional magazine and editor-in-chief of the National Mortgage Professional Magazine website.

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FHFA Extends Protections To Tenants With GSE-Backed Loans In Forbearance
Servicing

FHFA Extends Protections To Tenants With GSE-Backed Loans In Forbearance

June 30, 2020
by
Eric C. Peck

The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac are allowing servicers to extend forbearance agreements for multifamily property owners with existing forbearance agreements for up to three months, for a total of six months, to help renters in multifamily properties stay in their homes. While the properties are in forbearance, the landlord must suspend all evictions for renters unable to pay rent. The forbearance extension is available for qualified properties with a GSE-backed multifamily mortgage experiencing a financial hardship due to COVID-19.

If extended, once the forbearance period concludes, the borrower may qualify for up to 24 months to restore the missed payments.

Click here to learn more about the latest FHFA extensions.

Written by 
Eric C. Peck

Eric C. Peck is senior editor of National Mortgage Professional magazine and editor-in-chief of the National Mortgage Professional Magazine website.

ericp@ambizmedia.com

These articles are powered by National Mortgage Professional

The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac are allowing servicers to extend forbearance agreements for multifamily property owners with existing forbearance agreements for up to three months, for a total of six months, to help renters in multifamily properties stay in their homes. While the properties are in forbearance, the landlord must suspend all evictions for renters unable to pay rent. The forbearance extension is available for qualified properties with a GSE-backed multifamily mortgage experiencing a financial hardship due to COVID-19.

If extended, once the forbearance period concludes, the borrower may qualify for up to 24 months to restore the missed payments.

Click here to learn more about the latest FHFA extensions.

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