Fannie Mae, Freddie Mac Extend Foreclosure, Eviction Moratoriums

The Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac will extend their moratorium on single-family foreclosures and evictions until June 30, 2021.  The foreclosure moratorium applies to Fannie Mae and Freddie Mac-backed single-family mortgages only. The eviction moratorium applies to properties that have been acquired by Fannie and Freddie through foreclosure or deed-in-lieu of foreclosure transactions. The current moratoriums were set to expire on March 31. The 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 March 31, 2021. FHFA also announced that borrowers with a mortgage backed by Fannie Mae or Freddie Mac may be eligible for an additional three-month extension of COVID-19 forbearance. This additional three-month extension allows borrowers to be in forbearance for up to 18 months.  Eligibility for the extension is limited to borrowers who are in a COVID-19 forbearance plan as of Feb. 28, 2021, and other limits may apply. Further, COVID-19 Payment Deferral for borrowers with a Fannie Mae or Freddie Mac backed mortgage can now cover up to 18 months of missed payments. COVID-19 Payment Deferral allows borrowers to repay their missed payments at the time the home is sold, refinanced, or at mortgage maturity. Home owners and renters can visit consumerfinance.gov/housing for up-to-date information on their relief options, protections, and key deadlines.