FHFA Director Clarifies Mortgage Relief Options

Federal Housing Finance Agency (FHFA) Director Mel Watt issued a letter on December 1, 2017 addressing concerns about mortgage relief options for homeowners in areas affected by the 2017 hurricanes and wildfires. These include: 

  • Eligibility to stop making monthly mortgage payments in 3-month intervals for up to 12 months;
  • Waiving of late fees and delinquency reports to the credit bureaus;
  • No requirement to catch up on missed payments all at one time;
  • Longer-term assistance available through modifications of existing mortgages; and
  • Suspension of foreclosure sales through December 31st, 2017 in FEMA-declared disaster areas.

Read the FHFA director’s letter addressing these and other provisions at: http://bit.ly/2mq9Qwf