Foreclosure Suspended For Homeowners Seeking Relief, FHA Says
Homeowners facing foreclosure can now stall proceedings while waiting to receive federal aid. The Federal Housing Agency (FHA) announced that Freddie Mac and Fannie will require servicers to suspend foreclosure activities for up to 60 days if the servicer has been informed that the borrower applied for assistance through the Homeowner Assistance Fund. “FHFA is committed to sustainable homeownership. Today’s action will provide borrowers who need temporary mortgage assistance with additional time to be evaluated for relief through their state’s approved Homeownership Assistance Fund,” said FHFA Acting Director Sandra L. Thompson. The move is meant to help homeowners on the brink of foreclosure who may still be struggling to make on-time payments. The HAF provides up to $9.96 billion for…