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Homeowners who cannot pay a mortgage get a deferral option



Homeowners who cannot pay a mortgage get a deferral option

Many difficult homeowners who delay their mortgage payments through a so-called patience program will get a new payment option, which allows them to make payments that are missed when the home is sold or the loan period expires, the Federal Housing Finance Agency said Wednesday.

The deferral option applies to homeowners who have mortgages supported by two government-controlled mortgage companies controlled by FHFA: Fannie Mae and Freddie Mac.

Under the CARES Act stimulus law, borrowers with government-supported loans – through the Federal Housing Administration, Department of Veterans Affairs, US Department of Agriculture, Fannie Mae or Freddie Mac – have the right to defer mortgage payments up to years if they have financial difficulties related to coronavirus pandemic.

Most homeowners have government-backed loans and millions have signed up to be patient. But there is great confusion about how borrowers will make up for the payments they have missed.

Consumer advocates say some mortgage companies have incorrectly told borrowers that they must repay all missed payments at once once the patience period ends or have made unclear comments that cause stressed consumers to think that’s the problem. Government agencies insist that borrowers with government-supported loans do not have to pay at once, and there are several payment options.

In a statement, FHFA Director Mark Calabria said the additional suspension option “responsibly simplifies options for homeowners while providing additional equipment for mortgage officers.”

Under that option, after the patience period ends if the borrower with a loan supported by Fannie Mae or Freddie Mac is unable to make payments on top of their original mortgage payments, a suspension must be offered starting July 1, according to the FHFA.

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Fannie Mae and Freddie Mac had previously announced the suspension option, but at that time the soldier said there was no need to offer it until next year.

The new option, which is similar to the one offered by FHA, keeps the borrower’s original monthly mortgage payment the same. When a loan ends, such as at the end of 30 years or when a homeowner sells their home, missed payments must be paid at once. In the case of refinancing, missed payments will be added to the new loan principal.

Before the suspension option, borrowers who can only make their original monthly payments may have received loan modifications. That will keep mortgage payments the same as extending loans, which stands to increase the total amount to be paid by the borrower.

If after the patience period the borrower is still unable to pay their original mortgage payments, loan modification is available that will reduce monthly payments by extending the term of the loan. The modification has a limit on how far payments can be reduced, so someone who never gets back a job can still lose their home.

Asset Mortgage Bankers. President Robert Broeksmit said the suspension options for Fannie Mae and Freddie Mac would “ease the burden on homeowners.”

A group of public lawyers, including Atty California. General Xavier Becerra, wants the regulator to go further. They say that mortgage servants already seem overwhelmed by the surge in patience requests and doubt that companies can effectively evaluate borrowers for various payment options.

In a letter to the FHFA, the attorney general requested that the agency ask officers to automatically handle missed payments until the end of the borrower’s loan in the form of monthly payments – so that a 30-year loan, for example, becomes a 30½-year loan if someone loses six months.

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Then, if people still need help, more complicated modifications can be considered, the attorney general wrote.

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Portuguese historical films will premiere on 29 December.



Portuguese historical films will premiere on 29 December.

Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.

A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.

“There are tickets For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.

Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.

“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.

Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.

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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.



Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.

According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”

In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.

The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.

In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.

From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.

Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.

“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.

“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.

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