The Federal Housing Administration (FHA) has been providing foreclosure assistance to homeowners with FHA-insured mortgages who have been impacted by the COVID-19 pandemic. The program has allowed homeowners to delay their mortgage payments for up to a year without facing foreclosure. However, this program is coming to an end.
The FHA has announced that it will no longer provide foreclosure assistance to homeowners after April 30, 2023. This means that homeowners with FHA-insured mortgages who are still struggling to make their mortgage payments will need to explore other options, such as loan modifications or refinancing, to avoid foreclosure.
The FHA’s foreclosure assistance program has been a lifeline for many homeowners who have been impacted by the pandemic. The program has helped homeowners stay in their homes during a difficult time and has prevented a wave of foreclosures from hitting the housing market.
If you’re a homeowner with an FHA-insured mortgage and are still struggling to make your mortgage payments, now is the time to explore your options. You may be able to qualify for loan modification or refinancing, which can help lower your monthly mortgage payments and make them more affordable.
The FHA’s foreclosure assistance program has been an important source of relief for homeowners impacted by the pandemic, but it is ending soon. If you’re a homeowner with an FHA-insured mortgage and are struggling to make your mortgage payments, act now to explore your options and avoid foreclosure.