Time is Running Out for Multifamily Owners That Received Forbearance via GlobeSt

Temporary mortgage forbearance was a critical stopgap for multifamily property owners during the pandemic, particularly for smaller, non-institutional mom-and-pop owners, according to a new report from the Government Accountability Office.

In the pre-pandemic days of 2020, the FHA and RHS reported having no multifamily loans in forbearance—but by June, thanks largely to a provision of the CARES Act requiring servicers to provide up to 90 days of forbearance for multifamily properties with federally backed mortgages, about 7.3% of loans backed by the agencies and enterprises were under a forbearance agreement.

Read more...Time is Running Out for Multifamily Owners That Received Forbearance via GlobeSt