CoronavirusMortgage

U.S. cities are taking action on halting evictions

Cities are protecting their residents who can't pay rent due to coronavirus

As the coronavirus continues to spread, companies, government agencies and organizations across the nation are responding.

Today, Miami-Dade County Mayor Carlos A. Gimenez declared a state of emergency in the county. As a result, the Miami-Dade County police will temporarily suspend eviction notices until further notice.

And the Flordia county is not alone in these actions. According to the Mercury News, a San Jose, California-based newspaper, the city is moving forward with a moratorium on evictions.

The moratorium, which is expected to receive final approval from the San Jose City Council in the next few weeks, will be in effect for at least 30 days.

This will protect residents who can document that they cannot pay rent due to a substantial loss of income related to the virus, according to Mercury News. The city will evaluate extending the eviction moratorium in a month after it goes into effect.

San Jose council members will also consider adding small businesses under commercial leases to the eviction moratorium at their meeting next week. In addition, they will consider setting aside a pool of additional public funds for San Jose renters and small businesses to access if needed to meet their rent payments.

This comes on the heels of FHFA and FHA reminding servicers that mortgage relief options exist as coronavirus spreads. Fannie Mae also sent out an email on March 5, reminding borrowers about forbearance opportunities if they are impacted by COVID-19.

“We are actively monitoring reports about the possible spread of the coronavirus (i.e., COVID-19) in the United States, and understand that you may have concerns about its potential impact on borrowers and your business. We want to remind servicers that you can offer forbearance in accordance with our existing policies to assist borrowers who are unable to make their monthly mortgage loan payment as a result of a temporary hardship (for example, if a borrower is quarantined and unable to work),” the email said.

Most Popular Articles

FHA, VA join Fannie, Freddie in relaxing some standards

With the coronavirus continuing to reshape the face of the country and the economy, the biggest players in the mortgage business are moving to try to make it easier to lend. Last week, it was Fannie and Freddie. Now, it’s the FHA and VA’s turn.

Mar 30, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please