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COVID-19 Mortgage Relief for Homeowners with FHA-Insured Mortgages - YouTube
Channel: NCUAchannel
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- Welcome to this broadcast
on COVID-19 mortgage relief
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for homeowners with FHA-insured
single family mortgages.
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I'm Ken Worthey with
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NCUA's Office of Consumer
Financial Protection
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and I'm joined by Terry Carr,
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Senior Program Advisor in the
Office of Housing Counseling
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at the Department of Housing
and Urban Development,
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more commonly known as HUD.
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Terry, thank you for
taking the time to join us.
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- Thank you for having me, Ken.
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HUD is really happy to
have the opportunity
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to talk about FHA and what's
available to their borrowers.
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- Excellent, let's get right
into the important information
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you'd like to share with consumers.
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Does the FHA have any
programs to help borrowers
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who are behind, or about to be behind,
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on their mortgage due to COVID?
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- Yes, borrowers who are
struggling because of COVID-19
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are eligible for a COVID-19 forbearance
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from their mortgage servicer.
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This means that if you have
an FHA-insured mortgage,
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you may request that your servicer provide
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a COVID-19 forbearance to pause
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or reduce your mortgage
payments for up to six months.
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Certain borrowers may be eligible
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for additional forbearance extensions.
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The quickest way to get help is
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to contact your mortgage
servicer immediately
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and explain that you are
struggling financially
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because of COVID-19.
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Call on HUD approved
housing counseling agency
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if you have additional questions.
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- Now, forbearance has
been around for some time,
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but for those who are unfamiliar with
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what forbearance means, can you explain?
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- Forbearance is a temporary reduction
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or pause in your mortgage payments.
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It allows a borrower to reduce
or suspend a mortgage payment
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without establishing
specific terms for repayment.
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It's an option lenders offer to help those
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who are struggling to make payments.
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There are different kinds of
forbearance options as well.
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- How long can mortgage
payments be placed on hold?
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- Generally, the borrower can request
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up to six months initially
and possibly longer,
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depending on the situation.
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- What if the consumer
is already on forbearance
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and now needs more time?
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- You know, Ken, that's
a very good question.
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For FHA, if you are already
in a COVID-19 forbearance,
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you may be eligible for
additional extensions.
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It depends on your circumstances.
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Many borrowers will be able to
pause their mortgage payments
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for 12 months, an initial
six month forbearance period
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and a six month extension.
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Some borrowers may be eligible to forbear
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for 18 months, 12 months initially,
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plus two additional
three month extensions.
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You must call your servicer
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to request these extensions though.
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And working with a housing
counselor can help you
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better understand the process
and what's available to you.
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A database of HUD approved
housing counseling agencies
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can be found on the hud.gov website.
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And please keep in mind that
forbearance is temporary.
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This is a temporary
pause in your payments.
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Eventually, the missed mortgage
payments must be repaid.
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- Terry, are there any fees
associated with forbearance?
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- No, under the law for
the COVID forbearance,
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no fees, penalties or interest
can be added to your account.
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You will have to repay the
suspended or reduced payments
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in the future though.
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- And, what happens at the
end of the forbearance period?
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- FHA says you will not be
required to pay a lump sum
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for the total number of missed payments
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at the end of the forbearance period.
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FHA has provided your servicer
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with a variety of post-forbearance
loss mitigation options
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that can assist you.
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Your servicer will evaluate
you for these options
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to help you bring your loan current.
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And for help talking to
your mortgage servicer
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or understanding your options,
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contact a HUD approved
housing counseling agency
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in your area.
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Please visit hud.gov for more information.
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- Thank you, Terry, for providing
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this very informative
information to our viewers.
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- Thank you, Ken.
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We at HUD and FHA just
believe it's really important
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that consumers know help is available.
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- Thank you, a final
note before we conclude.
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Credit unions are
not-for-profit member-owned
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cooperative financial institutions,
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many credit unions have a long history of
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assisting their members in times of need.
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Throughout the COVID-19 pandemic,
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the National Credit Union Administration
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has encouraged credit
unions to work with members
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experiencing hardship.
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Contact your credit union to learn more
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about what options are available
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if you are experiencing
financial hardship.
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If you do not currently
belong to a credit union,
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visit MyCreditUnion.gov and
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click on the credit union locator tool
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to locate a credit union and
view their contact information.
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Membership eligibility restrictions apply,
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so please contact the
credit union directly
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to find out if you are eligible to join.
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If you have any additional questions about
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how to locate a credit union or
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how to work with a credit union,
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you may contact the NCUA
Consumer Assistance Center
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at 1800-755-1030,
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Monday through Friday from
8:00 AM to 5:00 PM Eastern.
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Thank you for watching.
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(inspiring music)
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