Forbearance and Moratorium on Foreclosure and Eviction Frequently Asked Questions

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THE UNITED STATES VIRGIN ISLANDS OFFICE OF THE LIEUTENANT GOVERNOR DIVISION OF BANKING, INSURANCE AND FINANCIAL REGULATION FORBEARANCE AND MORATORIUM ON FORECLOSURE AND EVICTION FREQUENTLY ASKED QUESTIONS (FAQs) (As compiled by the Office of the Lieutenant Governor, Division of Banking, Insurance and Financial Regulation) Q. When was the CARES Act signed into law? A. March 27, 2020 Q. What does the CARES Act stand for? A. Coronavirus Aid, Relief, and Economic Security Act Q. What is the CARES Act? A. An Act that provide emergency assistance and health care response for individuals, families, and businesses affected by the 2020 coronavirus pandemic. Q. What type of loan is eligible for forbearance under Title IV, sections 4022 and 4023 of the CARES Act? A. Federally owned and backed mortgage loan Q. What are Federally backed mortgage loans? A. Any loan which is secured by a first or subordinate lien on residential property (including individual units of condominiums and cooperatives) designed principally for the occupancy of from 1-4 families and any loan other than temporary financing such as a construction loan that is secured by a first or subordinate lien on residential multifamily real property designed principally for the occupancy of 5 or more families, including any such secured loan, the proceeds of which are used to prepay or pay off an existing loan secured by the same property. Q. Examples of Federally owned or backed mortgage loan? A. A borrower with a multi-family mortgage loan may not charge any late fees, penalties or other charges for nonpayment of rent to tenants during the forbearance period. Q. What is a covered dwelling under Section 4024 of the CARES Act? A. Covered dwelling is defined as (1) a dwelling that is occupied by tenant pursuant to a residential lease or without a lease or with a lease that is terminable under the state law and (2) is in or ona covered property. Q. What is a covered property under Section 4024 of the CARES Act? A. A covered property means any property that participates in a “covered housing program” as defined by the Violence Against Women Act or “rural housing voucher program under section 542 of the Housing Act of 1949 or has a federally backed mortgage loan or a federally backed multifamily mortgage loan. *S5049 KONGENS GADE * CHARLOTTE AMALIE * ST. THOMAS, USVI 00802-6487 * (340) 774-7166 * FAX (340) 774-9458 / 774-5590 * *1131 KING STREET, SUITE 101 * CHRISTIANSTED * ST. CROIX, USVI 00820 * (340) 773-6459 * FAX (340) 719-3801 * Web address: wwwltg.gov.vi