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CARES Act Mortgages Today's Popular Updates

McGlinchey Stafford

Third Circuit Illustrates Federal Court Presumption for Exercising Concurrent Jurisdiction

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Arsenis v. M&T Bank is a tale of two cases. The bank brought an action against Ms. Arsenis to foreclosure on a mortgage loan in New Jersey Superior Court. Through a combination of defenses and counterclaims in the foreclosure...more

Alston & Bird

The COVID-19 National Emergency is Ending: Are mortgage servicers ready?

Alston & Bird on

A&B Abstract: On January 30, 2023, President Biden informed Congress that the COVID-19 National Emergency (the “COVID Emergency”) will be extended beyond March 1, 2023, but that he anticipates terminating the national...more

Morgan Lewis

Initial Key Takeaways from the American Rescue Plan Act of 2021

Morgan Lewis on

President Joseph R. Biden signed the American Rescue Plan Act of 2021 on March 11, which provides $1.9 trillion in relief funds across a broad spectrum of categories, including additional support for vaccine distribution,...more

McGlinchey Stafford

COVID Relief Updates: Mortgages, Debt Collection, And Student Lending

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Since the beginning of the year and the change in Presidential administrations, a number of relief measures granted in response to the COVID-19 pandemic have been extended. Below are updates regarding relief measures in place...more

Goodwin

Issues To Consider On The Path Forward For The Hospitality Industry

Goodwin on

It is hard to pick any event or series of events that has adversely impacted the hospitality industry as hard as the COVID-19 pandemic. While the summer witnessed increased RevPAR in the U.S. as compared to the depths of...more

Spilman Thomas & Battle, PLLC

COVID-19, the CARES Act and the Impact on Mortgage Forbearance

In response to the coronavirus pandemic, the federal government passed the CARES Act, which provides a number of protections to homeowners unable to pay their mortgages. The CARES Act prohibits any home foreclosures before...more

Ballard Spahr LLP

VA Addresses CARES Act Forbearance Effect on VA Loan Eligibility

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In Loan Guaranty Circular 26-20-25, dated June 30, 2020, the U.S. Department of Veterans Affairs (VA) addresses the effect of a CARES Act forbearance, or some other COVID-19 credit relief, on the eligibility of a veteran for...more

Ballard Spahr LLP

Fannie Mae Updates Guidance on the Limiting of Servicing Advance Obligations

Ballard Spahr LLP on

In a prior alert, we reported that in view of the ability of mortgage loan borrowers to obtain payment forbearances under the CARES Act, the Federal Housing Finance Agency (FHFA) limited the advance obligation of Fannie Mae...more

Robins Kaplan LLP

Financial Daily Dose 5.26.2020 | Top Story: Covid-19 Drives Already-Troubled Hertz to Bankruptcy

Robins Kaplan LLP on

Unable to reach a last-minute deal with investors, rental car mainstay Hertz filed for bankruptcy late Friday night, doing so “without a clear plan with creditors in place—a rare move for a company of its size.” Though, like...more

A&O Shearman

IRS Releases Guidance on the Forbearances and Modifications of Mortgages Resulting from the COVID-19 Pandemic

A&O Shearman on

On April 13, 2020, the Internal Revenue Service (IRS) released Revenue Procedure 2020-26 (the Revenue Procedure) that provides guidance with respect to certain forbearances and related modifications of mortgages as a result...more

Akerman LLP

Regulatory Guidance for Banks, Lenders, and Licensed Mortgage Originators Regarding Coronavirus (UPDATED)

Akerman LLP on

(New information added on April 17, 2020) - As the coronavirus crisis unfolds, federal and state financial services regulatory agencies have taken multiple actions impacting banks, non-bank financial service providers, and...more

Ballard Spahr LLP

FTC Publishes Guidance to Mortgage Borrowers Regarding COVID-19 Relief

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The Federal Trade Commission recently published guidance to mortgage borrowers regarding relief that may be available to them because of the COVID-19 emergency. ...more

Kilpatrick

CARES Act - Forbearance of Residential Mortgage Loan Payments for Multifamily Properties with Federally Backed Loans

Kilpatrick on

The federal CARES Act contains several provisions that assist borrowers of Federally backed multi-family mortgage loans who are experiencing financial hardship because of COVID-19.  A copy of the current legislation can be...more

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