Despite a one-month gap between the end of the foreclosure moratorium and the start of new regulations to protect homeowners, mortgage servicers will not be able to begin foreclosure proceedings this year for most borrowers with loans backed by Fannie Mae or Freddie Mac, the Federal Housing Finance Agency said in a statement Tuesday.
Homebuyers who are struggling with their mortgages thanks to the struggling COVID economy have another two months of safety before the foreclosure ax begins to swing.
Fannie Mae and Freddie Mac say they will extend their eviction and foreclosure moratoriums through Dec. 31 as the economic damage from the coronavirus crisis looks increasingly likely to last around the country.
With seemingly dwindling prospects of new federal aid for people still struggling to pay rent thanks to the COVID-19 crisis, the state could see “chaos” as its eviction and foreclosure moratorium ends Aug. 18, a leading housing advocate says.
The Federal Housing Administration is extending its COVID-19 foreclosure and eviction moratorium for the second time, this time for two months.
Legislators are expected to resume debate today on a halt to foreclosures and non-essential evictions for the duration of Massachusetts’ state of emergency, after one lawmaker objected to the proposed House-Senate deal Thursday.
