NB Elite Realty
Marcus Wiley

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HOUSTON – As the COVID 19 has caused a great economical crisis, many local workers have been laid-off or are not receiving pay during business closures. 
Since mid-March, the Texas Workforce Commission has seen an 862% increase in applications for unemployment benefits.
Right now, thousands of recently unemployed Texas workers are worried about how long they’ll be able to keep food on the table and a roof over their heads during this pandemic. Well, there is help available for those in need. 

Homeowners

Government-backed mortgage buyers Fannie Mae and Freddie Mac have said that they will suspend all foreclosure sales and evictions of borrowers in single-family homes owned by their companies. They have also expanded their forbearance program, offering more borrowers relief for up to one year and suspending late charges and penalties. Together they guarantee about half of the U.S. home market.
Also, the federal government suspended foreclosures and evictions for mortgages insured by the Federal Housing Administration.
If you’re worried about missing a mortgage payment, contact your lender immediately. Numerous banks have said they are willing to work with distressed borrowers, including potentially suspending or reducing mortgage payments for a stretch.
Homeowners impacted by the this crisis are eligible for a mortgage forbearance plan to reduce or suspend their mortgage payments for up to 12 months
Late fees will not incur for homeowners in a mortgage forbearance plan
Credit bureau reporting of past-due payments are suspended for borrowers in a mortgage forbearance plan as a result of hardships experienced due to the pandemic
After forbearance, a mortgage servicer must work with the homeowner on a permanent arrangement to help maintain or reduce monthly payment amounts as needed, including a loan modification. 

Renters

According to the Texas Apartment Association (TAA), the state supreme court has halted most evictions, including for non-payment of rent, until April 19.
TAA advises renters to communicate with their property manager or landlord if they find themselves unable to pay rent.
According to the association, they have encouraged rental property owners to waive late fees and set up a payment plan for residents impacted by the COVID-19 crisis.
Fannie and Freddie are also offering owners of multifamily properties forbearance relief on their mortgages, on condition they suspend all evictions of renters unable to pay because of the virus.

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