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Nelson Mullins COVID-19 Resources

Nelson Mullins is continuing to monitor developments related to COVID-19, including guidance from the Centers for Disease Control and various federal, state, and local government authorities. The firm is taking appropriate precautionary actions and has implemented plans to ensure the continuation of all firm services to clients from both in office and remote work arrangements across our 25 offices. 

In addition, click the link below to access extensive resources to address a wide variety of topics resulting from the virus, in general and by industry,  including topics such as essential businesses, force majeure, business interruption insurance, CARES Act and FFCRA, and others. 

Nelson Mullins COVID-19 Resources

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Joseph Stanton and Michelle Tanzer Named Florida Trailblazers by the Daily Business Review

September 8, 2020

Joseph Stanton and Michelle Tanzer Named Florida Trailblazers by the Daily Business Review
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Insights

May 20, 2020

FHFA Broadens Deferral Option for COVID-19 Forbearances and HUD Extends Foreclosure and Eviction Moratorium

By Randall L. Saunders, Ashley Barebo, Jonah Samples

In two separate announcements, the Federal Housing Finance Agency (FHFA) and the U.S. Department of Housing and Urban Development (HUD) both unveiled plans requiring servicers to provide additional options to consumers in the wake of COVID-19. On May 13, 2020, the FHFA announced that servicers of Fannie Mae and Freddie Mac consumer loans must provide additional options for consumers to repay the up-to twelve-month forbearances already made available to soften the blow of COVID-19. Fannie Mae’s announcement and Freddie Mac’s Bulletin 2020-15  state that servicers of consumer mortgage loans guaranteed by these entities will be required to offer consumers granted coronavirus-related forbearances the opportunity to defer these payments. According to the guidance, the payments may be deferred until the borrower sells the property, refinances the mortgage, or the mortgage matures. Most notably, these deferred payments cannot accrue any additional interest or late fees.

The day after FHFA’s guidance was issued, HUD announced  that the previously-enacted moratorium on foreclosures and evictions for FHA-insured Title II Single Family forward and Home Equity Conversion (reverse) mortgages will be extended. As discussed in a previous post, HUD’s Mortgagee Letter 2020-04  initially announced a moratorium on foreclosures and evictions that would extend for sixty days from March 18, 2020. Mortgagee Letter 2020-13 has extended this moratorium until at least June 30, 2020.

While this article is not intended to provide legal advice, the authors are available for retention to assist with an in-depth analysis regarding compliance with this new and evolving guidance.