shape
shape
shape
shape
shape
shape
15 February 2021 / Larry R. Rothenberg

Fannie Mae and Freddie Mac Foreclosure and Eviction Moratoriums Extended Through March 31, 2021

Topics: Real Estate



On February 9, 2021, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) are extending the moratoriums on single-family foreclosures and real estate owned (REO) evictions until March 31, 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 February 28, 2021.

The FHFA’s announcement mirrors the U.S. Department of Housing and Urban Development’s extension through March 31, 2021, of its foreclosure and eviction moratorium for borrowers with FHA-insured single-family mortgages covered under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.  

The FHFA also announced that borrowers with a mortgage backed by Fannie Mae or Freddie Mac, and who are on a COVID-19 forbearance plan as of February 28, 2021, may be eligible for an additional forbearance extension of up to three months.  Further, COVID-19 Payment Deferral for borrowers with an Enterprise-backed mortgage can now cover up to 15 months of missed payments.  COVID-19 Payment Deferral allows those borrowers to repay their missed payments at the time the home is sold, refinanced, or at mortgage maturity.

Weltman, Weinberg & Reis Co., LPA is actively engaged with its loan servicer clients in promoting and processing loss mitigation alternatives.  If we can be of assistance with regard to this or any other real estate matter, please contact Larry Rothenberg at 216.579.5038, lrothenberg@weltman.com.  

This blog is not a solicitation for business and it is not intended to constitute legal advice on specific matters, create an attorney-client relationship or be legally binding in any way.

Related News

Insights / 22 February 2021

Consolidated Appropriations Act Amending Section 366 of the Bankruptcy Code for Utility Service

On December 27th, 2020, the Consolidated Appropriations Act of 2021 (CAA) was signed into law. The CAA amends the Bankruptcy Code which impacts creditors in bankruptcy matters. One such amendment affects section 366 of the Bankruptcy Code, namely: 11 U.S.C. 366 - Utility Service.
Read More
Alerts / 15 February 2021

Cuyahoga County Fiscal Officer Announces a Further Delay in Recordings

The County's Fiscal Officer has now advised that as a result of short-staffing due to COVID-19, it will not accept any new e-recording packages through February 23, 2021, and that any new e-recording packages during that time will be rejected.
Read More
News / 8 February 2021

Two Weltman Attorneys Selected as 2021 Illinois Super Lawyers Rising Stars

Congratulations to Charles (Drew) Walgreen and Laura Alms on their selection to the 2021 Illinois Super Lawyers Rising Stars list.
Read More

Join Our Email List

Get the latest articles and news delivered to your email inbox!
Subscribe

Contact the Author

Larry R. Rothenberg

Shareholder
Contact

Join Our Email List