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Weekly Real Estate Roundup – December 10

December 14, 2020

2 MINUTE READ

Happy Thursday, California! Despite Covid’s continued resurgence across the nation, CA real estate prices continue their rise, and perhaps because of it, the FHA is extending its foreclosure and eviction moratorium. Read on to learn what this is all about!

Despite Pandemic, CA Real Estate Soars

What’s this all about?

Some welcome news: the Federal Housing Finance Agency (FHFA) announced another extension of their foreclosure moratorium, this time through January 31, 2021. It applies to Federal Housing Administration (FHA), Fannie Mae and Freddie Mac–insured mortgages, which gives about 28 million people a reason to breathe easier this month.

What it means

If you are one of those 28 million people, the FHA must offer delayed payment forbearance upon request, with the option to extend the forbearance for up to a year. They must also assess borrowers who receive COVID-19 forbearance for the special COVID-19 National Emergency Standalone Partial Claim. Borrowers ineligible for that must instead be assessed for one of FHA’s COVID-19 expanded home retention solutions. This is a great option for struggling Californians, so get out there and take advantage!

FHFA Comes Through, Extends Mortgage Relief

What’s this all about? 

Covid’s knock-on effects continue to ripple through the lives of Americans in all sorts of ways. For baby boomers, well-laid retirement plans have been postponed or cast into disarray. For millennials, many of whom have been walloped by one financial crisis after another since becoming adults, starting a family, saving for retirement–futures such as these have been put on the back burner for now. 

What it means

If you are one of those 28 million people, the FHA must offer delayed payment forbearance upon request, with the option to extend the forbearance for up to a year. They must also assess borrowers who receive COVID-19 forbearance for the special COVID-19 National Emergency Standalone Partial Claim. Borrowers ineligible for that must instead be assessed for one of FHA’s COVID-19 expanded home retention solutions. This is a great option for struggling Californians, so get out there and take advantage!

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One more thing 

That’s all for now, see you next Thursday, & Happy Hanukkah!

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