Page 64 - July-August 2018 GSE Report Flip Book

EQUIFAX’S “WATERSHED MOMENT” JJUALN. U- ARUYG. 22001188
FHA extends its foreclosure moratorium for Puerto Rico and Virgin Islands hurricane victims
FHA has extended its foreclosure moratorium for Puerto Rico, Virgin Islands hurricane victims to September 16 and has made its Disaster Standalone Partial option—the agency’s last resort option—the first option for struggling borrowers.
The Disaster Standalone Partial Claim is designed to help struggling borrowers (i) resume their mortgage payments without a payment shock; and (ii) streamline income documentation and other requirements
“The updated Disaster Standalone Partial Claim provides these borrowers with an opportunity
to be immediately evaluated for a permanent loss mitigation solution that is affordable and sustainable,” said FHA. “This option is the best solution for many borrowers seeking to cure arrearages and resume making payments without modifying their loan and re-amortizing the loan term. ...FHA does not intend to further extend the foreclosure moratoriums after this date, so FHA borrowers in the eligible areas needing assistance are strongly urged to contact their mortgage servicer immediately.” (HousingWire, Ben Lane, 08/16/18)
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