FNMA Extends Multifamily Forbearance Indefinitely For Borrowers And Tenants Bruce Clark Orange County

Fannie Mae (FNMA) announced they are extending multifamily forbearance indefinitely for both borrowers and tenants. The extension applies to Fannie Mae-financed multifamily property owners and renters in multifamily units.

Of note:  the owner/landlord must have a new or modified COVID-19 forbearance plan with financing provided via FNMA financing and must agree not to evict tenants solely for the nonpayment of rent while the property is in forbearance. Tenants must also be informed, in writing, about tenant protections available during the property owner’s forbearance and repayment periods. Communication must include:

  • Allowing the tenant flexibility to repay back rent over time and not in a lump sum;
  • No charging the tenant late fees or penalties for non-payment of rent
  • Giving tenants at least a 30-day notice to vacate.

Guide to Coronavirus Mortgage Relief Options:

ConsumerFinance.Gov
– HUD Office of Housing Counseling
– HUD Approved Housing Counseling Agencies in California

HUD sponsors housing counseling agencies throughout the country that can provide advice on buying a home, renting, defaults, foreclosures, and credit issues. This page allows you to select a list of agencies for each state below. You may search more specifically for a reverse mortgage counselor or if you are facing foreclosure, search for a foreclosure avoidance counselor.

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