Multifamily Homes Receive COVID-19 Forbearance
COVID has changed an abundance of things in all of our lives – and for some, paying their mortgage has been tough.
Luckily, the FHFA – the Federal Housing Finance Agency – has announced that Fannie Mae and Freddie Mac will continuing offering forbearance indefinitely to qualifying multifamily property owners. This is part of the FHFA’s ongoing COVID-19 protection.
This will help property owners with Fannie Mae or Freddie Mac backed-multifamily mortgages breathe a sigh of relief if they were feeling the pressure of their latest forbearance date creep up on them. The last forbearance was set to expire on September 30th.
Sandra Thompson, acting director of the FHFA, explains, “Given the uncertain nature of this pandemic, the FHFA is taking further action to protect renters, property owners, and the mortgage market.”
This is forbearance extension number four for the FHFA.
To learn more about relief options, check out the Consumer Finance Housing website.