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The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac will be extending foreclosure moratoriums on single-family foreclosures and real estate-owned evictions until Feb. 28, 2021. Current moratoriums were scheduled to expire on Jan. 31, 2021.
As the nation continues to battle the COVID-19 pandemic, the FHFA has continuously extended these moratoriums to help families that have been economically impacted by the pandemic.
“To keep our communities safe, and families in their homes during the COVID-19 pandemic, FHFA is extending Fannie Mae and Freddie Mac's foreclosure and eviction moratorium," said FHFA director Mark Calabria.
The FHFA projects additional expenses of $1.4 to $2 billion will be borne by the Enterprises due to the existing COVID-19 foreclosure moratorium and its extension, according to a press release. The agency also reported that the moratoriums have helped more than 4.5 million families stay in their homes and will remain available even when COVID-19 forbearance flexibilities end.
Click here to learn more about the extended foreclosure moratorium.
