HUD Addresses Questions About Shutdown Impact

first_imgHome / Daily Dose / HUD Addresses Questions About Shutdown Impact in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days ago Bank of America Borrowers Chase Federal Workers FHA Government Homes HOUSING HUD Lenders mortgage Shutdown Wells Fargo 2019-01-14 Radhika Ojha Click the graphic to view an interactive map of expired or expiring HUD Project-Based Rental Assistance Contracts.As the longest government shutdown in history continues, the Department of Housing and Urban Development (HUD) has issued guidelines on what lenders and borrowers can do to address their concerns. The guidelines, which are in the form of frequently asked questions (FAQ), give lenders and servicers a sense of the business they can and cannot do with HUD during this period. They include questions on the departments that will be open, submitting FHA mortgage insurance premiums, submitting loans for approvals as well as packages for condo approvals, payments to borrowers, FHA monitoring, and guidelines related to REO/HUD home sales.Low-Income Housing and the ShutdownHUD has an extremely limited number of employees answering emergency questions during the shutdown at present, even as HUD’s headquarters, as well as its regional and field offices, remain closed. HUD employees are among the 800,000 federal workers who are on furlough or working without pay. However, as it continues, its effects are being felt even by those not working in the federal government.For example, an immediate result of the shutdown is HUD’s inability to renew federal contracts for 1,650 contracts with private building owners who rent to low-income households that have an average income of around $12,000. According to the National Low Income Housing Coalition (NLIHC), which sent a letter to Congress last week outlining the effects of the shutdown on affordable housing and community development, additional contracts will expire later in January and February, should the shutdown continue for that long, as HUD does not have funding to renew contracts while the government is shut down.“The shutdown’s impact is being felt across the market as a growing number of federal workers fall behind on their mortgage payments,” said Ed Delgado, President and CEO, The Five Star Institute. “Even with lenders working with agencies such as FHA to assist these borrowers, a continued shutdown is likely to have a far-reaching effect on housing and the economy.”Taking Steps to Help BorrowersRecently, Bank of America joined its peers in providing assistance to borrowers affected by the government shutdown. The bank said that it had reached out to clients who may be impacted by the partial federal government shutdown to make them aware of its Client Assistance program.“We know the partial federal government shutdown is affecting many of our clients, and we want them to know that we are here to help,” said Aron Levine, Head of Consumer Banking, Bank of America. “Our Client Assistance Program is available to individuals affected by the shutdown for personalized financial assistance, tailored to their specific situation and financial needs.”The Federal Housing Administration (FHA) has also called on all approved mortgagees and lenders to assist federal workers and contractors impacted by the shutdown. “In accordance with its longstanding policy, FHA expects mortgagees to assist borrowers experiencing a loss of income to the greatest extent possible by extending special forbearance plans to borrowers impacted by the shutdown, and fully evaluating borrowers for available loss mitigation options to avoid foreclosure whenever possible,” FHA Commissioner Brian Montgomery said.Chase has also offered hardship programs to customers who have been affected by financial strain, unemployment, or natural disasters. The bank has said that it will automatically waive or refund overdraft and monthly service fees on Chase checking and savings accounts if an employee’s salary from an affected federal agency was direct-deposited into the account in November 2018.“We’re here for our government worker customers whose pay may be disrupted,” said Thasunda Duckett, CEO of Consumer Banking at Chase. “We all hope this will be resolved soon.”Last week, Congresswoman Maxine Waters (D-California), Chairwoman of the House Financial Services Committee sent a letter to the heads of the Federal Reserve, Federal Deposit Insurance Corporation, Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, and National Credit Union Administration, urging them to consider the needs of consumers who may be experiencing temporary financial hardship in meeting credit obligations as a result of the shutdown. “This is important to ensure that customers can meet loan payments and avoid high fees and other penalties that they may otherwise incur,” Waters wrote in her letter. “Through no fault of their own, some affected federal employees and others, such as federal contractors, may be unable to pay all their bills on time because of the shutdown.” Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Bank of America Borrowers Chase Federal Workers FHA Government Homes HOUSING HUD Lenders mortgage Shutdown Wells Fargo Sign up for DS News Daily Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days agocenter_img Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago HUD Addresses Questions About Shutdown Impact Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save About Author: Radhika Ojha Previous: Why Homeowners Won’t Move Next: Delaying the American Dream January 14, 2019 5,451 Views last_img read more

Police warn people to be on guard against cold callers

first_img RELATED ARTICLESMORE FROM AUTHOR Twitter Police are warning people to be on their guard against cold callers, particularly those who are trying to sell items or services on the doorstep.Supt. Wendy Middleton is appealing to local communities to trust their instincts, if something doesn’t feel right to report it.Superintendent Middleton says unfortunately, there are still people coming into local communities and deliberately exploiting the elderly and vulnerable, abusing their trust and potentially taking significant amounts of money from them.Recent incidents have seen cold callers being overbearing and pushy to get access to homes, or to secure payment for goods or services, which very often never materialise or are at incredibly elevated prices.People are advised in the first instance to not open the door unless you know who the caller is and keep all doors locked, even when at home.However, if you are going to open the door; you are urged, before answering the front door to make sure the back door is locked, use a door chain, ask for identification, ring Quick Check on 101 to check authenticity of ID and do not let anyone into the property until you are satisfied as to who they are. News, Sport and Obituaries on Monday May 24th Twitter Pinterest Previous articleCloughaneely Regional League game to go ahead after player returns negative testNext articleFinance Minister says he understands anger at Junior Ministers pay rise News Highland Journey home will be easier – Paul Hegarty Pinterest Police warn people to be on guard against cold callers Important message for people attending LUH’s INR clinic By News Highland – July 26, 2020 center_img Facebook Google+ Google+ Facebook DL Debate – 24/05/21 WhatsApp Harps come back to win in Waterford Homepage BannerNews WhatsApp Arranmore progress and potential flagged as population growslast_img read more