On Wednesday, March 18, HUD announced that it would suspend foreclosures and evictions for mortgages insured by the Federal Housing Administration for 60 days (see announcement attached below). Similarly, the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac to suspend foreclosures and evictions for at least 60 days due to the coronavirus national emergency.
The foreclosure and eviction suspension applies to homeowners with an Enterprise-backed single-family mortgage. And earlier this month, FHFA announced that Fannie Mae and Freddie Mac would provide payment forbearance to borrowers impacted by the coronavirus. Forbearance allows for a mortgage payment to be suspended for up to 12 months due to hardship caused by the coronavirus.
Read HUD/FHFA Moratorium