Due to the continuing national emergency caused by the COVID-19 pandemic, the Federal Housing Administration today extended foreclosure moratorium guidance and the use of exterior-only and desktop appraisal inspections through June 30, 2020.
“These ML’s came at a critical time. Senior homeowners remain especially vulnerable right now, and we applaud HUD for providing this needed relief,” says NRMLA Co-Chair Scott Norman of Finance of America Reverse, Austin, TX. “As NRMLA continues to navigate the ever-changing challenges of Covid-19, we are extremely focused on providing our members with the best and most up-to-date information possible.”
FHA-insured single-family mortgages, excluding vacant or abandoned properties, are subject to an extension to the moratorium on foreclosure through June 30, 2020, says ML 2020-13. The moratorium applies to the initiation of foreclosures and to foreclosures in process.
In announcing Mortgagee Letter 2020-14, FHA adds, “This extension will allow industry partners additional opportunity to utilize flexible guidance related to reverification of employment and appraisal protocol for FHA Single Family Programs affected by COVID-19.”