Moratorium - Borrower Initiated Mortgage Forbearance and Forclosure CBCF panel - No fees or penalties

 Today's (9/22/2020) CBCF ALC real estate panel reminded homeowners that Section 4022 of the CARES Act allows them to defer their government-backed residential mortgage payments for up to 360 days if they have been directly or INDIRECTLY impacted by COVID-19. See

https://www.natlawreview.com/article/cares-act-section-4022-forbearance-and-foreclosure-moratorium

The CBCF panel said that many Blacks are not aware of this borrower-initiated forbearance and foreclosure moratorium:

1) Almost no documentation required

2) Deferred payments tacked on at the END of the mortgage!

3) During the period of forbearance, Section 4022(b)(3) provides that no additional fees, penalties, or interest can accrue on the borrower’s account beyond those scheduled or calculated as if the borrower made all payments on time and in full.

4) No mortgage servicer of any federally-backed mortgage loan is permitted to do the following for a 60-day period, which began on March 18, 2020 and ends on May 17, 2020: 

• Initiate any foreclosure process, whether judicial or non-judicial
• Move for a foreclosure judgement or order of sale
• Execute a foreclosure-related eviction or foreclosure sale

CBCF ALC brings in top think tank participants to discuss issues important to the Black community. In the first quarter of 2020, 44 percent of black families owned their home, compared with 73.7 percent of white families, according to the Census Bureau.

Panel:

2020 State of Housing in Black America: Challenges, Opportunities, and Public Policy
Speakers: Rep. Gregory Meeks, DeForest Soaries,, Nikitra Bailey, Rodney Harrell, Donnell Williams, Maurice Jourdain-Earl, Vanessa Perry, Derrick Jackson, Antoine Thompson, Michele Calloway, Dwight Alexander

Feel free to register for FREE at any time for the Virtual Congressional Black Caucus Foundation, Inc. ALC2020 (see below to register). This year the conference has expanded to a month-long event with more than 80 sessions scheduled from August 31, 2020 – October 2, 2020. ***YOU WILL NOT BE ABLE TO ACCESS ANY OF THE SESSIONS WITHOUT REGISTERING SINCE YOU WILL BE GIVEN A PASSWORD.***