Land lender says foreclosure won’t be delayed for 1.3 million borrowers

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By THE GLOBE AND MAILAssociated PressThe National Association of Home Builders and Loan Services says the first quarter of the year will mark the first time since 2009 that all federally insured mortgage lenders won’t begin foreclosure proceedings.

The NAHBS issued a statement Monday announcing that it will end its mortgage-foreclosure moratorium starting Monday, Jan. 31.

The moratorium will continue until Jan. 26, 2019, when it will be extended.

The moratorium applies to mortgages up to 5 years old and the average annual interest rate on these loans will be between 3.8% and 4.3%.

The NAGS said it will also discontinue a program called the RBLX Land Loans Program, which provides loans to homeowners with small land holdings in Alaska, Arizona, California, Colorado, Connecticut, Hawaii, Idaho, Illinois, Iowa, Kansas, Maine, Maryland, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington and West Virginia.

The new program provides loans with a down payment of less than 50% of the value of the home.

The program will also provide loan assistance for the cost of mortgage payments, as well as for any necessary relocation expenses, including emergency repairs.

The freeze will be in place until at least April 6, 2019.NAGS Chairman Bill Schubert said Monday the freeze would also help prevent a repeat of the worst mortgage crisis since the Great Depression.

It also would prevent lenders from raising the price of a home for people with the ability to pay, Schuber said.

“The banks were so eager to increase the cost, they had no incentive to increase their loan origination rates,” he said.

Nag, the nation’s largest mortgage lender, said it is working with its federal and state mortgage regulators to ensure a smooth transition.

“It is unfortunate that the banks have chosen to take advantage of this situation, and it is unfortunate, but not surprising, that this has resulted in some of our mortgage borrowers experiencing a delay in the process of receiving their first loan,” the NAGs statement said.

The company said the moratorium was set in 2009 to encourage more people to take out their mortgages, and to help ensure there were enough borrowers to fill the homes in which they lived.

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