April 2, 2020
April 2 - Housing eviction and foreclosure prevention
Borrowers must ask their lender for this relief and they have to specifically mention that the loss of income/inability to pay is COVID related.
Moratoriums on Evictions and Foreclosures
The March 18, 2020 Coronavirus Relief Bill – the second Bill passed by Congress - institutes a moratorium on foreclosures for all federally-backed mortgages, including those covered by HUD, USDA, FHA, VA, Fannie Mae, and Freddie Mac, for 60 days beginning on March 18, 2020. Under the bill, a borrower with a federally-backed mortgage experiencing financial hardship due to coronavirus may also request a forbearance for up to 180 days, which may be extended for another 180 days at the request of the borrower.
The law allows multifamily housing owners with a federally-backed mortgage to request a forbearance for up to 30 days, which can be extended by another 60 days at the request of the borrower, on the condition that they agree not to evict tenants or charge tenants’ late fees.
The bill also institutes a moratorium on filings for evictions for renters in homes covered by a federally-backed mortgage for 120 days of enactment (July 18, 2020). The State of Texas has a moratorium on evictions through April 19.
The bill provides a temporary moratorium on evictions for most residents of federally subsidized apartments, including those supported by HUD, USDA or Treasury (Low Income Housing Tax Credit developments). The bill also institutes a moratorium on filings for evictions for renters in homes covered by federally-backed mortgages for 120 days of enactment.
For the latest updates visit McKinneyTexas.org/COVID-19
For information about operational changes please visit McKinneyTexas.org/Closures