The Federal Housing Administration announced on December 21st that they extended the moratorium on evictions and foreclosures of single-family mortgages insured by HUD until February 28th. Previously this was to expire on December 31st. This announcement is very similar to government-sponsored enterprises Fannie Mae and Freddie MAC.
This announcement extends through February 28th their deadline for borrowers to request an initial forbearance of up to 6 months on their FHA-insured mortgage and allows an additional forbearance of up to 6 months after that.
FHA specifies that its moratorium “prohibits servicers from initiating or proceeding with foreclosure=related eviction actions for FHA insured single-family forward and reverse mortgages, except for those secured by legally vacant and abandoned properties.”
What does this mean for you? If you have been working through the pandemic and haven’t had any problems making mortgage payments – then it doesn’t affect you. However, if you have had suffered financial hardship from losing your job during the pandemic, then this is great news if you have fallen behind on mortgage payments. If you have specific questions and need help, you should contact your mortgage company and see what options exist for you.
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