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Foreclosures get extended
Didier Malagies • Jun 18, 2020
What is happening with the new guidelines for the self-employed Mortgage Loans
Jordan Borchard posted in
Housing in Housing News
FHFA, FHA Extend Foreclosure/Eviction Moratorium to Aug. 31
Source: MBA
Written by: Staff Reporter
The Federal Housing Finance Agency and HUD announced Fannie Mae, Freddie Mac and FHA will extend their single-family moratorium on foreclosures and evictions until at least August 31.
The foreclosure moratorium applies to Enterprise-backed, single-family mortgages, as well as FHA-insured single-family mortgages. The current moratorium was set to expire on June 30.
FHA’s Single-Family foreclosure and eviction moratorium extension applies to homeowners with FHA-insured Title II Single Family forward and Home Equity Conversion (reverse) mortgages, and continues to direct mortgage servicers to:
• Halt all new foreclosure actions and suspend all foreclosure actions currently in process, excluding legally vacant or abandoned properties; and
• Cease all evictions of persons from FHA-insured Single-Family properties, excluding actions to evict occupants of legally vacant or abandoned properties.
“To protect borrowers and renters during the pandemic we are extending the Enterprises’ foreclosure and eviction moratorium. During this national health emergency no one should worry about losing their home,” said Director Mark Calabria.
“While the economic recovery is already underway, many American families still need more time and assistance to regain their financial footing,” said HUD Secretary Ben Carson. “Our foreclosure and eviction extension means that these families will not have to worry about losing their home as they work to recover from the financial impacts of COVID-19.”
FHFA will continue to monitor the coronavirus situation and update policies as needed. To understand the protections and assistance the government is offering people having trouble paying their mortgage, visit the joint HUD, FHFA and the Consumer Financial Protection Bureau website at www.cfpb.gov/housing.
Check out our other helpful videos to learn more about credit and residential mortgages.
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