BY BRAD BECKETT ON AUGUST 31, 2020
The U.S. Department of Housing & Urban Development (HUD) announced in late August that they were extending their moratorium on foreclosures and evictions through December 31, 2020. Click here to read more.
The foreclosure moratorium applies to homeowners with FHA-insured Single Family mortgages.
“President Trump is taking unprecedented measures to ensure American homeowners have the resources and support they need to get back to financial stability during the economic recovery,” said HUD Secretary Ben Carson. “Because homeownership is the largest wealth builder for the majority of the nation’s families, providing relief from foreclosure and eviction to those who are in jeopardy of losing their hard-earned wealth, through no fault of their own, is a priority.”
In addition:
The Federal Housing Finance Agency (FHFA) announced in late August that they are extending their moratorium on foreclosures and evictions through December 31, 2020. The foreclosure moratorium applies to Enterprise-backed (Fannie Mae & Freddie mac), single-family mortgages only. The current moratorium was set to expire at the end of August.
“To help keep borrowers in their homes during the pandemic, FHFA is extending the Enterprises’ foreclosure and eviction moratoriums through the end of 2020,” said Director Mark Calabria. “This protects more than 28 million homeowners with an Enterprise-backed mortgage.”