As the coronavirus pandemic continues to spread across the country many businesses are closing, temporarily or permanently. Many homeowners are left to wonder how this turmoil will affect them. So many people are out of work right now and others may soon lose their jobs permanently. How will those of us left suddenly without income afford to keep a roof over our heads?
The federal government and Ohio are currently working to provide protection for homeowners facing distress. But such initiatives are just starting. Here are some of the programs coming out to provide coronavirus relief for homeowners in Ohio.
Federal Coronavirus Relief for Homeowners
On March 18th, 2020, president Trump ordered the suspension of evictions and foreclosures for the next 60 days. This moratorium, however, only applies to single family homeowners with mortgages insured by the Federal Housing Administration (FHA).
What does this do?
The order temporarily prevents new foreclosure actions and suspends all foreclosure actions currently in process.
Fannie Mae and Freddie Mac
The Federal Housing Finance Agency (FHFA), the agency that oversees Fannie Mae, Freddie Mac, and Federal Home Loan banks, is providing payment forbearance to borrowers impacted by the coronavirus for up to 12 months due to hardship.
What does this do?
This coronavirus relief for homeowners allows people to stay in their homes during this national emergency. Borrowers having difficulty paying back their mortgage must reach out to their mortgage servicers ASAP in order to ensure they receive assistance.
According to Secretary of the Department of Housing and Urban Development (HUD), Ben Carson, HUD is currently working with congress to prevent evictions in public housing programs for low-income families, the elderly, and people with disabilities. There are no specific details available just yet.
Unfortunately most of these measures don’t help renters, though there are many states that are preventing evictions for those who can’t pay rent at the moment. Housing advocates hope that the federal government will soon have programs available to offer assistance to renters who are currently out of work.
Services Still Available For Homeowners
We want to remind those who are still fortunate to have a home that A-Abel remains open. Our electric, plumbing, exterminating, and HVAC services are available. We also continue to have special financing options, if you need a bit of assistance with paying for an upgrade or replacement at this time. If you need help with maintaining your home, please feel free to contact us.