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Mortgage Forbearance Extension Aims to Help Renters, Property Owners

Wednesday, June 16, 2021   /   by Ken Couture

Mortgage Forbearance Extension Aims to Help Renters, Property Owners

Mortgage Forbearance Extension.jpg
The Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, has extended its COVID-19 mortgage forbearance program for multifamily property owners.

The program had been slated to end June 30 but will now expire Sept. 30.

FHFA Director Mark Calabria said in a news release that the third extension would help both families struggling to pay rent and multifamily property owners, who are trying to maintain their properties.

Eligible property owners in Nevada have until Sept. 30 to enter into a new or modified forbearance if they’re experiencing financial hardship because of the pandemic. But it means they must agree to follow several tenant protections under the program, including:

¦ Informing tenants in writing about tenant protections available during the property owner’s forbearance and repayment periods

¦ Giving tenants at least a 30-day notice to vacate

¦ Not charging tenants late fees or penalties for nonpayment of rent

¦ Allowing flexible repayment plans for back-rent

¦ Agreeing not to evict tenants for nonpayment of rent while the property is in forbearance even if the forbearance period falls after the federal eviction moratorium, which is set to expire June 30

The COVID-19 forbearance program for multifamily properties was implemented in March 2020 and allowed borrowers to defer up to three months of mortgage payments. Additional relief is also available at the end of the initial forbearance period, according to FHFA.

The agency said in a statement it may decide to extend the forbearance date later on.

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