A homeowner with a Fannie Mae or Freddie Mac-backed mortgage cannot be foreclosed or evicted until Aug. 31 – a two-month extension from the existing June 30 deadline.
WASHINGTON – The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will extend their single-family moratorium on foreclosures and evictions until at least Aug. 31, 2020.
FHFA said it extended the deadline from June 30 to “help borrowers and renters who are at risk of losing their home due to the coronavirus national emergency.”
The foreclosure moratorium only applies to Enterprise-backed, single-family mortgages – but that includes about half of all U.S. owners who have a mortgage.
“During this national health emergency, no one should worry about losing their home,” FHFA Director Mark Calabria said when making the announcement.
FHFA says it will continue to monitor the coronavirus situation and update policies as needed, which suggests another foreclosure/eviction extension is possible beyond Aug. 31 depending on the pandemic’s direction.
FHFA, the Department of Housing and Urban Development (HUD) and the Consumer Financial Protection Bureau (CFPB) created a combined website for housing information related to the COVID-19 pandemic. It can be found on the CFPB’s website at cfpb.gov/housing.
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