Sept. 14, 2020

Some good news for homeowners struggling to make their mortgage payments.

Fannie Mae and Freddie Mac have suspended mortgage foreclosures until the end of the year. That pandemic relief had been set to expire at the end of August.

This temporary foreclosure freeze only applies to single-family mortgages backed by Fannie Mae or Freddie Mac.

The Federal Housing Administration has also extended its foreclosure and eviction moratorium until Dec. 31 for homeowners with FHA-insured single-family mortgages covered under the Coronavirus Relief and Economic Security Act.

In both cases, the goal is the same: To help distressed borrowers remain in their homes during this national emergency.

TIP: If you are struggling to pay the mortgage, contact your loan servicer to see what sort of help is available, such as loan modifications or delaying mortgage payments for up to a year with no penalties or late fees.

More Info:

Fannie and Freddie extend freeze on foreclosures and some evictions

FHA Extends Foreclosure and Eviction Moratorium for Homeowners Through Year End