The White House has just announced a directive to HUD to suspend all evictions and foreclosures through the end of April.
This is a breaking news story and we will be updating as this story develops.
That's crazy, thank you!
Wow ! 2 options down ... shut the front door Corona, Corona smh.!
@Mindy Jensen I wonder if this also means late fees and penalties? Additionally, while this effects most home owners, but any agency loan, I am curious if this will also trickle down to balance sheet lenders as well?
I am glad that if there are eviction moratoriums in place, that the landlord gets relief on their mortgage too, but this is likely contributing to another bad day in the stock market.
@Evan Polaski , I get where this is coming from. I, too have questions. Does this affect evictions that were already in place? Like, if my tenant stopped paying rent 3 months ago and we're about to get him out, am I now stopped?
I wish there were more guidance in place for this. How are other lease violations handled? If my tenant is selling drugs from his unit, can I evict or does he get a free pass?
I am glad they didn't ONLY declare a moratorium on evictions, but also foreclosures. That's great. And I truly hope that banks can remember 12 years ago and NOT rush to foreclose after the end of April. I know a lot of landlords would want to work with the banks to keep their properties. I hope the banks listen.
@Mindy Jensen the person in me agrees with you and does not want to see the economy tank and people lose their houses. The capitalist/investor in me says LET THE FORECLOSURES COME!!!!
And as for policy, I get that putting it out there as soon as reasonable is likely best, but I wish they would delay and generally have more details available immediately following any press conference.
The Foreclosure suspension only applies to single family mortgages backed by the FHA. If you have a private mortgage or a local bank mortgage I guess you're still on your own.
In a statement, HUD said the moratorium applies to Federal Housing Administration-insured single-family mortgages for 60 days, as well as Home Equity Conversion mortgages, or reverse mortgages. Secretary Ben Carson said the decision will "provide homeowners with some peace of mind during these trying times."
HUD housing is multifamily complexes that are privately owned and subsidized by the federal government.
So these Federally assisted "Projects" should remain under current ownership vs receivership (which is probably a good thing for the Taxpayers and the Owners).
There are probably a lot of other HUD things this will effect also.
If rents won't be paid due to this government directive, can property owners delay payment of property taxes?