Mortgaged Properties Subject to Special Provisions Under the CARES Act
If you have a mortgage on your property, it is likely that this mortgage is considered a "Covered Property" under the CARES Act.
Here's what "Covered" means: "A mortgage that is in some way connected to HUD, Fannie Mae, Freddie Mac, The Rural Housing Voucher Program, The Violence Against Women Act of 1994, Section 202 Supportive Housing for the Elderly Program, Section 811 Housing for Persons with Disabilities Program, Housing Opportunities for Persons With AIDS (HOPWA), McKinney-Vento Homelessness Assistance Programs, Section 236 , Section 8 Housing Choice Voucher (HCV) Program, Low Income Housing Tax Credit (LIHTC) , loan purchased or securitized by the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association, is secured by a first or subordinate lien on residential real property designed principally for the occupancy of five or more families that is made, insured, guaranteed or assisted in any way by any officer or agency of the Federal Government"
There have been several pieces of legislation passed recently that affect your investment. The CARES Act includes the following provisions for Covered Properties.
These provisions will likely lead to increased delinquency over the coming months.
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