FHA Extends Moratorium on Single-Family Properties
Yesterday, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will extend the moratoriums on single-family foreclosures and real estate owned (REO) evictions until at least December 31, 2020. The decision is backed by the ongoing COVID pandemic. Only Fannie Mae and Freddie Mac-backed single-family mortgages are covered under this extension. The current moratoriums were set to expire on August 1, 2020.
Separately, the Department of Housing and Urban Development (HUD) announced yesterday that FHA is extending its foreclosure and eviction moratorium through Dec. 31, 2020. This extension applies to home owners with FHA-insured single-family mortgages, such as Title II Single Family forward and Home Equity Conversion (reverse) mortgages.
Under this extension of the moratorium, mortgage servicers must:
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.
For questions about these announcements, contact Kevin McKenney at kmckenney@nalhfa.org.
