I hope you and your family are healthy and well. I'm sure many of you have read and researched the Coronavirus Rescue Bill and wanted to break down what it meant for housing. Below is a summary from the National Association of Realtors.
Please contact me if you have questions, need current value on your real estate, or want to discuss any real estate goals. Interest rates today are 2.875% for a 30 year and 2.25% for a 15 year. mortgagenetwork.net
As our governor always says, we will make it through this.
Mortgage Forbearance - Borrowers of government-backed mortgages ((Fannie Mae, Freddie Mac, HUD, VA and USDA) can request up to 360-day payment forbearance without proof of hardship. No additional fees, interest, or penalties can be assessed for the forbearance. Except for abandoned or vacant property, there may be no foreclosure actions for 60 days from 3/18/2020.
Owners of multifamily properties who were current on their mortgage payments as of February 1, 2020, and have federally insured, assisted, or supplemented loan (Fannie Mae, Freddie Mac, FHA or any loans backed or assisted by any branch of the federal government, including LIHTC) may request forbearance for 30 days due to financial hardship, with extensions of up to a total of 90 days. Borrowers receiving the forbearance may not evict or charge late fees to tenants for the duration of the forbearance period.
Moratorium on eviction filings, or fees or penalties for tenants for nonpayment of rent for 120 days on properties insured, guaranteed, supplemented, protected, or assisted in any way by HUD, Fannie Mae, Freddie Mac, the rural housing voucher program, covered by the Violence Against Women Act of 1994.
Also, very near and dear to my heart are our local businesses. I currently serve as the President of the Louisville Independent Business Alliance and they have been a huge wealth of information and support during this time. Please visit https://www.keeplouisvilleweird.com/CovidResources for up to date information and resources.