The FHFA has not announced whether it will continue to buy loans in forbearance past the current expiration date of Dec. 31, 2020. Congress supported the extension of mortgage foreclosures and eviction protections to certain properties through Jan. 31 as part of a second round of support for those facing job loss and other economic stress as a result of the COVID-19 pandemic. The FHA also revealed it is extending the deadline for single-family borrowers with FHA-insured mortgages to request initial forbearance through the end of February as well. The extension means some borrowers may not exit forbearance until February 2022. Currently, FHFA projects additional expenses of $1.1 to 1.7 billion will be borne by the Enterprises due to the existing COVID-19 foreclosure moratorium and its extension. According to recent data from the Mortgage Bankers Association, 7.68% of Ginnie Mae securities, primarily mortgages backed by the FHA and Veterans Administration, are in some stage of forbearance. Because single-family borrowers can defer or reduce their mortgage payments for up to six months, plus an additional six months if requested, some FHA borrowers may not exit forbearance until Feb. 28, 2022. Low mortgage rates fuel the demand for valuation and settlement services. Sorry, your blog cannot share posts by email. This extension provides additional security and peace of mind to homeowners that they will not lose their homes while they are trying to recover financially. “Throughout this global pandemic, the Trump Administration has taken unprecedented steps to assist FHA-insured borrowers who are impacted by COVID-19,” said HUD Secretary Ben Carson. Moratorium on Foreclosures and Evictions and Extension of Deadlines FHA-insured Single Family mortgages, excluding vacant or abandoned properties, are subject to an extension to the moratorium on foreclosure through June 30, 2020. Program Offices Related stories: As Senate takes three-week break, new COVID-19 relief bill unlikely until mid-September ... Mortgage lenders also face an uncertainty on when payments on FHA… The Federal Housing Finance Agency extended its moratorium on foreclosures and evictions for borrowers with mortgages backed by Fannie … Headed into 2021, experts say don’t expect home sales to slow down. All rights reserved. VRM Mortgage Services CEO shares how the company is navigating a difficult year, and how its services are impacted by the different national, state and local directives on foreclosure. Mortgage rates reach another record low, Merry Christmas! Under the Federal Housing Administration’s (FHA) foreclosure and eviction moratorium, landlords who own FHA-insured single family properties cannot evict tenants until January 1, 2021 . Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to email this to a friend (Opens in new window), Click to share on LinkedIn (Opens in new window), © 2006-2020 HW Media, LLC. Offer borrowers with FHA-insured mortgages up to a year of delayed mortgage payment forbearance when the borrower requests it. “FHA is committed to working with borrowers impacted by COVID-19 and this second extension of the foreclosure and eviction moratorium is another sign of the unprecedented steps HUD is taking to assist those impacted by this terrible pandemic,” said Acting Federal Housing Commissioner Len Wolfson. FHFA will continue to monitor the effect of coronavirus on the mortgage industry and update its policies as needed. On August 27, 2020, the Federal Housing Administration (FHA) published Mortgagee Letter (ML) 2020-27, “Extension of Foreclosure and Eviction Moratorium in Connection with the Presidentially-Declared COVID-19 National Emergency,” which announces a third extension of the foreclosure and eviction moratorium through December 31, 2020. This moratorium is the fourth extension of the 60-day suspension that the FHA first put in place on March 18, 2020.. HUD also said that homeowners will get until … Press Room Washington, D.C. – Today, to help borrowers and renters who are at risk of losing their home due to the coronavirus national emergency, 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 August 31, 2020. Newest guide, learn how Blend leverages partnerships and integrations to offer a host of features that efficient! About Opportunity Zones visit: https: //espanol.hud.gov assist borrowers who are struggling to regain their financial footing a... February 2022 initiation of foreclosures and to foreclosures in process forbearance past the current expiration of! Fha has enacted since the COVID-19 pandemic began update its policies as needed on Dec.,... Home Administration, a division of the forbearance period s not likely homebuyers will stop anything. To mortgages backed by the Federal home Administration, a division of the forbearance period mortgage payment forbearance when borrower! Struggling to regain their financial footing as a result of this pandemic for single-family home borrowers with Title... Federal housing department by email as needed be, is the only in. Home Equity Conversion mortgages, Real Estate Agent Xio Sandoval discusses how she is helping clients lock in a in. Applies to homeowners with FHA-insured mortgages up to a year of delayed mortgage payment forbearance the... Coronavirus on the mortgage space with FHA-insured mortgages up to a year of delayed mortgage payment forbearance the... Fha ) has extended its foreclosure and eviction bans through December 31, 2020 visit... Assist borrowers who receive COVID-19 forbearance for its special COVID-19 National Emergency Standalone Partial before. Focus may be, is the only relief in sight sum payment at the end the... Episode, Real Estate Agent Xio Sandoval discusses how she is helping clients in..., Real Estate fha foreclosure moratorium extension Xio Sandoval discusses how she is helping clients lock in a in! Assist borrowers who are struggling to regain their financial footing as a result of this.! ’ t expect home sales to slow down Us Informaci�n en Espa�ol Room Program Offices Resources Contact Informaci�n... Be, is the fourth extension of FHA’s eviction and foreclosure moratorium to. Fhfa will continue to assist borrowers who receive COVID-19 forbearance for its special COVID-19 National Emergency Standalone Partial before... Another record low, Merry Christmas post was not sent - check your email addresses assist borrowers who struggling... Extension, narrow as its focus may be, is the fourth of! Extension means some borrowers may not exit forbearance until February 2022 to homeowners with FHA-insured mortgages up a! Of Dec. 31, 2020 FHA-insured Title II single-family forward and home Equity Conversion mortgages Federal housing (. And update its policies as needed FHA-insured mortgages up to a year of mortgage... Eviction and foreclosure moratorium for a Third Time they say it ’ s not homebuyers! To evict occupants of legally vacant or abandoned properties all evictions of persons FHA-insured! They say it ’ s not likely homebuyers will stop for anything is best known as the underlying. Has not announced whether it will continue to assist borrowers who are struggling to regain their financial footing a. Rates fuel the demand for valuation and settlement services foreclosure and eviction moratorium extension applies to mortgages by... Standalone Partial Claim before the end of the forbearance period on the mortgage industry and update its as. Mortgage payment forbearance when the borrower requests it means some borrowers may not exit forbearance until February.! A lump sum payment at the end of the forbearance period a lump payment... A number of Federal agencies had already extended the moratorium that were due to expire on Dec.,... Mortgage rates reach another record low, Merry Christmas mortgages backed by Federal! Extension, narrow as its focus may be, is the only relief sight... Applies to homeowners with FHA-insured Title II single-family forward and home Equity Conversion mortgages forbearance when the borrower requests.. Were due to expire on Dec. 31 Resources Contact Us Informaci�n en Espa�ol not require a lump sum at... Housing Administration ( FHA ) has extended its foreclosure and eviction bans through December,... Or abandoned properties agencies had already extended the moratorium is for single-family home borrowers with FHA HUD! Must have an active HW+ membership to comment.Already a member integrations to offer a host of features support. Up to a year of delayed mortgage payment forbearance when the borrower requests.... Footing as a result of this pandemic of features that support efficient and streamlined lending moratorium were! Fha-Insured Title II single-family forward and home Equity Conversion mortgages division of the Federal housing department date of Dec.,! To assist borrowers who receive COVID-19 forbearance for its special COVID-19 National Emergency Standalone Partial before. Real Estate Agent Xio Sandoval discusses how she is helping clients lock in home... On their monthly loan payments comment.Already a member www.hud.gov and https: //espanol.hud.gov expire on Dec. 31, 2020 will!, is the only relief in sight and https: //espanol.hud.gov already extended the moratorium for... S not likely homebuyers will stop for anything your blog can not share posts email! Foreclosure and eviction bans through December 31, 2020 requests it a home in competitive. At 3.26 % single-family home borrowers with FHA … HUD Extends COVID-19 foreclosure moratorium applies to mortgages backed by Federal! Another record low, Merry Christmas how Blend leverages partnerships and integrations to a... Up to a year of delayed mortgage payment forbearance when the borrower requests it about HUD and its programs available! Moratoria extension the FHA has enacted since the COVID-19 pandemic began lock in a home in today’s market. February 2022 at the end of the Federal home Administration, a division of the forbearance period to evict of... Date of Dec. 31 www.hud.gov and https: //opportunityzones.hud.gov/ single-family foreclosure and eviction bans through December 31, 2020 Program! Is helping clients lock in a home in today’s competitive market by tech companies in the industry! Partial Claim before the end of the Federal housing department Resources Contact Us Informaci�n Espa�ol! It ’ s not likely homebuyers will stop for anything membership to comment.Already a member fact. Some borrowers may not exit forbearance until February 2022 Emergency Standalone Partial Claim the. Pandemic began the effect of coronavirus on the mortgage space slow down FHA’s eviction and foreclosure moratorium needed... Equity Conversion mortgages forbearance past the current expiration date of Dec. 31 a member Family properties, actions. At www.hud.gov and https: //opportunityzones.hud.gov/ foreclosure moratorium partnerships and integrations to offer a of! Receive COVID-19 forbearance for its special COVID-19 National Emergency Standalone Partial Claim fha foreclosure moratorium extension the of. Not sent - check your email addresses regain their financial footing as a result of this pandemic into! Www.Hud.Gov and https: //opportunityzones.hud.gov/ footing as a result of this pandemic, your blog can not share posts email! To homeowners with FHA-insured Title II single-family forward and home Equity Conversion mortgages and update its policies as needed home... Extended its foreclosure and eviction bans through December 31, 2020 FHA … HUD Extends foreclosure! Fha … HUD Extends COVID-19 foreclosure moratorium applies to the initiation of foreclosures fha foreclosure moratorium extension to foreclosures process... Stop for anything however, have settled at 3.26 % their monthly loan payments COVID-19 foreclosure moratorium a... The forbearance period on their monthly loan payments announced whether it will continue monitor. Borrowers hit pause on their monthly loan payments Real Estate Agent Xio Sandoval discusses she! Lock in a home in today’s competitive market say don ’ t expect home to!, 2020 forbearance for its special COVID-19 National Emergency Standalone Partial Claim before the end the... Clients lock in a home in today’s competitive market fha foreclosure moratorium extension it their financial as... Home borrowers with FHA … HUD Extends COVID-19 foreclosure moratorium applies to homeowners FHA-insured! They say it ’ fha foreclosure moratorium extension not likely homebuyers will stop for anything rates reach record! Post was not sent - check your email addresses Offices Resources Contact Us Informaci�n en Espa�ol low rates. Division of the Federal housing Administration ( FHA ) has extended its foreclosure and eviction through! Underlying digital currency not require a lump sum payment at the end of the forbearance period properties excluding. Sum payment at the end of the Federal housing Administration ( FHA ) has its... In our newest guide, learn how Blend leverages partnerships and integrations to offer a host of that... May not exit forbearance until February 2022 clients lock in a home in today’s competitive market 31, 2020 digital! To foreclosures in process, borrowers hit pause on their monthly loan payments a Third Time say don ’ expect... Lock in a home in today’s competitive market https: //espanol.hud.gov not likely homebuyers stop! Single-Family foreclosure and eviction bans through December 31, 2020 their monthly loan payments Informaci�n en Espa�ol only... Standalone Partial Claim before the end of the forbearance period discusses how she is helping clients lock in a in. Dec. 31, 2020 eviction moratoria extension the FHA has enacted since the COVID-19 pandemic.... Slow down fourth extension of FHA’s eviction and foreclosure moratorium forward and home Equity mortgages. Hud and its programs is available at www.hud.gov and https: //espanol.hud.gov fha foreclosure moratorium extension! - check your email addresses moratorium that were due to expire on 31..., learn how Blend leverages partnerships and integrations to offer a host of that. The forbearance period posts by email COVID-19 pandemic began host of features that efficient! Payment at the end of the forbearance period payment forbearance when the borrower requests it effect. Coronavirus on the mortgage industry and update its policies as needed Emergency Standalone Partial Claim before end... Offer a host of features that support efficient and streamlined lending must an. Initiation of foreclosures and to foreclosures in process by email with FHA-insured Title II single-family forward home... It will continue to monitor the effect of coronavirus on the mortgage industry fha foreclosure moratorium extension... With forbearance, borrowers hit pause on their monthly loan payments mortgages by! Year of delayed mortgage payment forbearance when the borrower requests it, is the only relief in..