Coalition Urges Congress to Boost Mortgage-Payment Assistance

first_img Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Coalition Urges Congress to Boost Mortgage-Payment Assistance in Daily Dose, Featured, Government, News Civil Rights Congress HOUSING 2021-02-09 Christina Hughes Babb Servicers Navigate the Post-Pandemic World 2 days ago A coalition of more than 350 groups — including 64 national housing and civil rights organizations — sent congressional leaders a letter pressing for additional relief of $25 billion for homeowners in the next COVID-19 stimulus package.“Mortgage payments assistance will be critically important to the nearly 3 million borrowers that remain in long-term forbearance plans from their mortgage servicers,” explains the letter, signed by national housing organizations including the American Bankers Association and Mortgage Bankers Association (MBA), National Association of Realtors (NAR), as well as the NAACP and National Urban League.The letter calls for aid to homeowners facing hardships stemming from the pandemic who disproportionately represent communities of color, with state housing finance agencies deploying the bulk of the funds through the Homeowners Association Fund.On top of that, the letter calls for at least $100 million for housing counseling and $39.7 million for the Fair Housing Initiatives Program. The coalition says HUD-approved housing counseling agencies and legal assistance collectively help homeowners avoid foreclosure.It writes: “HUD-approved housing counseling agencies play a critical role in ensuring homeowners get the individualized help and relief they need to stay in their homes, including through effectivecommunication with their servicer and addressing credit and financial challenges as a result ofthe pandemic.What’s more, the Homeowner Assistance Fund, modeled after the Obama-era Hardest Hit Fund, recently was reintroduced by Sens. Sherrod Brown (D-Ohio) and Jack Reed (D-RI).According to the letter, the fund “would enable state housing finance agencies to help homeowners with COVID-19 hardships, including providing direct assistance with mortgage payments, helping people get into affordable loan modifications, and assisting with utility payments, property tax and insurance payments, homeowner association dues and other support to prevent the loss of home equity, mortgage delinquency, default, foreclosure, or loss of utility services.”Read the “letter to the Hill” in full at NHC.org. Chuck Green has contributed to the Wall Street Journal, Washington Post, Los Angeles Times, San Francisco Chronicle, Chicago Tribune and others covering various industries, including real estate, business and banking, technology, and sports. Demand Propels Home Prices Upward 2 days ago Previous: The Evolution of the Single-Family Rental Market Next: FHFA Extends Foreclosure Moratorium, Forbearance Period Data Provider Black Knight to Acquire Top of Mind 2 days ago About Author: Chuck Green Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Civil Rights Congress HOUSINGcenter_img Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago February 9, 2021 700 Views Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save The Week Ahead: Nearing the Forbearance Exit 2 days ago  Print This Post Home / Daily Dose / Coalition Urges Congress to Boost Mortgage-Payment Assistance Subscribelast_img

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