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Foreclosure and Eviction Relief for Homeowners During the COVD-19 Crisis

In March 2020, our economy came to a screeching halt as COVID-19 swept through our countries, states, cities, and homes. Businesses have been ordered to close, and individuals told to stay home to stop the spread of the virus. National, state and local officials are taking necessary steps on a daily basis to protect businesses and individuals from this unprecedented economic impact. The efforts taken to provide mortgage relief are particularly important to individual homeowners during these uncertain times.

On March 18, 2020, the U.S. Department of Housing and Urban Development Secretary, Ben Carson, authorized the Federal Housing Administration to implement an immediate foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages for the next 60 days. The Federal Housing Finance Agency, HUD, U.S. Department of Agriculture, Fannie Mae and Freddie Mac have all announced a freeze on foreclosures and evictions for at least 60 days, as well as forbearance and disaster relief options for homeowners who cannot afford their mortgage payments.

On March 19, 2020, the Texas Supreme Court issued an order stopping all eviction proceedings for the next 30 days, until April 19, 2020. There are exceptions, however, for criminal activity or if the tenants “pose an imminent physical threat.”

The Texas Department of Housing and Community Affairs (TDHCA) announced that it will suspend evictions and foreclosures for residents impacted by the coronavirus who are part of any of the programs the TDHCA oversees, including: Homebuyer Assistance Program, Bootstrap Loan Program, and the Homebuyer Rehabilitation Assistance Program.

In addition, private mortgage institutions are starting to follow in line by offering forbearance and relief options for homeowners. If you have questions about options available to you in terms of mortgage, foreclosure or eviction relief, you are encouraged to communicate with your bank or mortgage servicer about the latest options available. There is no doubt that in the coming days and weeks more information will be disseminated about mortgage, foreclosure, and eviction relief as we all continue to deal with the repercussions of the COVID-19 outbreak.

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