Jessica Menton, USA TODAY
Published 9:29 a.m. ET June 18, 2020
The federal government CARES Act and various cities and banks are offering relief. Here’s what you should know.
Federal foreclosure and eviction moratoriums set to expire at the end of June have been extended two months, a move aimed at helping homeowners and renters struggling financially because of the coronavirus pandemic.
Freddie Mac and Fannie Mae will extend the moratorium on foreclosures and evictions on single-family homes until at least August 31, the Federal Housing Finance Agency said Wednesday. The protections were scheduled to expire on June 30.
“During this national health emergency no one should worry about losing their home,” Mark Calabria, director of the Federal Housing Finance Agency, said in a statement.
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Meanwhile, the Department of Housing and Urban Development said Wednesday that the Federal Housing Administration will extend its foreclosure and eviction moratorium through August 31. This marked the second extension for the program after it began in March with a 60-day moratorium. It was later extended until the end of June.
“While the economic recovery is already underway, many American families still need more time and assistance to regain their financial footing,” Ben Carson, secretary of HUD, said in a statement. “Our foreclosure and eviction extension means that these families will not have to worry about losing their home as they work to recover from the financial impacts of COVID-19.”
Borrowers with federally-backed loans can pause or reduce payments for up to a year due to the CARES Act passed in March. Some loan servicers may have forbearance or deferment options for non-government-backed or private loans.
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