Friday, March 20, 2020 / by Vanessa Saunders
March 20, 2020
The spread of the Corona Virus in America is only starting to have an effect on our economy. People will soon be out of work, and will wonder where their next mortgage payment will come from. The good news is that this time isn’t like the last economic downturns we have experienced. Here’s why:
The Government Learned its Lesson the Last Time
During the previous housing crash, the government was slow to recognize the challenges homeowners were having and waited too long to grant relief. Today, action is being taken swiftly. Just this week:
The Federal Housing Administration indicated it is enacting an “immediate foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages” for the next 60 days.
The Federal Housing Finance Agency announced it is directing Fannie Mae and Freddie Mac to suspend foreclosures and evictions for “at least 60 ...