Housing and COVID-19

As of June 17th, the Federal Housing administration (FHA) and the Federal Housing Finance Agency (FHFA) have further extended the foreclosure and eviction moratorium that was due to end June 30th to August 31st. This extension will continue to halt all new foreclosures and suspend any foreclosures that started prior to March 2020. It will also allow homeowners additional security and peace of mind while they are working on recovering financially from the impacts of COVID-19.

 “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.” Homeowners with federally backed mortgages (FHA, Fannie Mae, Freddie Mac) should continue to make their mortgage payments if they are able to do so or contact their mortgage servicer and request a mortgage payment forbearance under the CARES Act if they are struggling. If you are unsure who owns your loan, you can find out by looking up online or by contacting your mortgage company.

 

 

Sources: https://www.hud.gov/press/press_releases_media_advisories/HUD_No_20_081

https://www.americanbanker.com/news/federal-housing-agencies-extend-foreclosure-moratorium-to-aug-31


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