Nearly 8.1 million people have FHA loans.
The Department of Housing and Urban Development will halt evictions and foreclosures for owners with FHA loans through the end of the year. The ban applies to roughly 8.1 million homeowners.
Nearly 16 percent of FHA loans are delinquent, according to the Mortgage Bankers Association. That is the highest level in records going back to 1979.
The Trump Administration is looking at using authorities within its jurisdiction to extend relief through the calendar year for homeowners experiencing financial hardship due to the coronavirus, which includes existing funds as well as moratoria on the foreclosures and evictions.
As the Lord Leads, Pray with Us…
- For HUD Secretary Dr. Ben Carson as he leads the department.
- For the actions of HUD that will enable homeowners with FHA mortgages to retain their homes, at least through the end of the year.
- About the casualties in both economy and health that have occurred in the U.S. due to the coronavirus.
- For national recovery from COVID-19.
Sources: Politico, Wall Street Journal
