The City of San Marcos is encouraging qualifying homeowners with single family mortgages insured by the Federal Housing Administration who have been impacted by the coronavirus pandemic to apply for the FHA’s special COVID-19 mortgage payment forbearance.
The city said all homeowners with FHA insured loans can ask for foreclosure without penalty because of the COVID-19 pandemic.
A COVID-19 forbearance is not payment forgiveness. The city said qualified homeowners may temporarily reduce or suspend monthly mortgage payments for up to six months but must pay any reduced or paused payments in the future. A lump sum payment is not required at the end of the forbearance period and payments can be scheduled over time.
The federal foreclosure and eviction moratorium remains in effect through July 31, 2021. According to the U.S. Department of Housing and Urban Development, more than 300,000 borrowers are at least 60 days delinquent on their mortgage and could benefit from forbearance assistance.
Qualified homeowners must request COVID-19 forbearance assistance from their mortgage servicer by Sept. 30, 2021. When working with their mortgage servicer, homeowners should state that a hardship related to COVID-19 necessitates forbearance assistance. Documentation of the hardship is not required.
Most homeowners with other types of loans may also request mortgage relief. More information about assistance options may be found online at: www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/
For more information about COVID-19 mortgage payment forbearance, contact the FHA Resource Center at 1-800-225-5342 or visit www.hud.gov/coronavirus/homeowners.
Information provided by the City of San Marcos
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July 05, 2021 at 12:16PM
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City encourages qualifying homeowners to apply for mortgage assistance - San Marcos Daily Record
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