All Forum Posts by: Art Coburn

I got this email recently. Where is the legal directive for collecting this info? What happens if I don’t supply it?

As our office is moving forward to ensure both current laws and new regulations are met we need to update our system. Specifically, due to COVID -19 CARES ACT, and its new requirements with fees & evictions , it is now required to know if your rental property has a mortgage. If so, the new CARES ACT can dictate how monies apply or if evictions can be filed. We apologize for any inconvenience, however, it is now a requirement to know how this mortgage is secured. Please respond to this email either;

1. NO, we do not have any mortgages on our rental properties or

2. YES, we do have a mortgage on our properties. If yes, then are the mortgages backed by any of the following? Please check with your local banker to ensure how the mortgages are backed.

purchased or securitized by Fannie Mae or Freddie Mac;

insured by the Federal Housing Administration (FHA);

guaranteed, directly provided by, or insured by the Department of Veterans Affairs (VA);

guaranteed, directly provided by, or insured by the Department of Agriculture (USDA); or

guaranteed under HUD's Native American or Native Hawaiian Home Loan Guarantee programs.