FHFA Extending Foreclosure & Eviction Moratoriums through March – Real Estate Investing Today
The Federal Housing Finance Agency (FHFA) announced they are extending their moratorium on foreclosures and evictions from single-family foreclosures and real estate owned (REO) through March 31, 2021. The foreclosure moratorium applies to Enterprise-backed (Fannie Mae & Freddie mac), single-family mortgages only. The REO eviction moratorium applies to properties that have been acquired by an Enterprise through foreclosure or deed-in-lieu of foreclosure transactions.
In addition, The FHFA announced that borrowers with a mortgage backed by Fannie Mae or Freddie Mac may be eligible for an additional forbearance extension of up to three months. Eligibility for the extension is limited to borrowers who are on a COVID-19 forbearance plan as of February 28, 2021, and other limits may apply.
“To keep families in their home during the pandemic, FHFA is allowing borrowers to be in COVID-19 forbearance for up to 15 months and extending the Enterprises’ foreclosure and eviction extension,” said Director Mark Calabria.