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FHFA Extends Foreclosure and REO Eviction Moratoriums
The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the enterprises) will extend the moratoriums on single-family foreclosures and real estate owned (REO) evictions until Feb. 28, 2021. The foreclosure moratorium applies to enterprise-backed, 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. The current moratoriums were set to expire on Jan. 31, 2021.
"To keep our communities safe, and families in their homes during the COVID-19 pandemic, FHFA is extending Fannie Mae and Freddie Mac's foreclosure and eviction moratorium," said Director Mark Calabria.
Currently, FHFA projects additional expenses of $1.4 to $2 billion will be borne by the enterprises due to the existing COVID-19 foreclosure moratorium and its extension. FHFA continues to monitor the effect of the foreclosure and eviction moratorium on borrowers, the enterprises and their counterparties, and the mortgage market and extend or sunset its policies based on the data and health risk.
The enterprises continue to offer comprehensive loss mitigation programs for borrowers with eligible hardships. These programs, which were established pre-pandemic and have helped more than 4.5 million families stay in their home, will remain available even when COVID-19 forbearance flexibilities end.
Under the comprehensive loss mitigation programs, qualified borrowers with a financial hardship that affects their ability to pay their mortgage may be eligible for temporary forbearance of up to 12 months, whether their hardship was caused by COVID-19 or not. Qualified borrowers can also obtain loan modifications to assist their ability to resume regular monthly payments once their hardship is resolved.
Source: FHFA
Premier Homes By Angela awaits your call to assist you with buying or selling your home, (844) 385-SOLD. Our goal is to be your For Life REALTOR® as we assist in building the communities of Atlanta up through homeownership. We provide you with educated, knowledgeable guidance that can only be made with accurate, reliable, and projected market information. We use proven repeatable systems for client successful results. We are happy to be a trusted professional resource for you and your family. Thank you for the opportunity to provide you with this blog, we look forward to answering any questions you may have and to the opportunity to be your REALTOR® in the future. Your Dream Our Mission, we are the KEY to your real estate experience!
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"To keep our communities safe, and families in their homes during the COVID-19 pandemic, FHFA is extending Fannie Mae and Freddie Mac's foreclosure and eviction moratorium," said Director Mark Calabria.
Currently, FHFA projects additional expenses of $1.4 to $2 billion will be borne by the enterprises due to the existing COVID-19 foreclosure moratorium and its extension. FHFA continues to monitor the effect of the foreclosure and eviction moratorium on borrowers, the enterprises and their counterparties, and the mortgage market and extend or sunset its policies based on the data and health risk.
The enterprises continue to offer comprehensive loss mitigation programs for borrowers with eligible hardships. These programs, which were established pre-pandemic and have helped more than 4.5 million families stay in their home, will remain available even when COVID-19 forbearance flexibilities end.
Under the comprehensive loss mitigation programs, qualified borrowers with a financial hardship that affects their ability to pay their mortgage may be eligible for temporary forbearance of up to 12 months, whether their hardship was caused by COVID-19 or not. Qualified borrowers can also obtain loan modifications to assist their ability to resume regular monthly payments once their hardship is resolved.
Source: FHFA
Premier Homes By Angela awaits your call to assist you with buying or selling your home, (844) 385-SOLD. Our goal is to be your For Life REALTOR® as we assist in building the communities of Atlanta up through homeownership. We provide you with educated, knowledgeable guidance that can only be made with accurate, reliable, and projected market information. We use proven repeatable systems for client successful results. We are happy to be a trusted professional resource for you and your family. Thank you for the opportunity to provide you with this blog, we look forward to answering any questions you may have and to the opportunity to be your REALTOR® in the future. Your Dream Our Mission, we are the KEY to your real estate experience!
Disclaimer: Videos produced/displayed by Premier Homes By Angela are provided for informational purposes only.