The Federal Housing Finance Authority (FHFA) and Department of Housing and Urban Development (HUD) announced on Dec. 2 it will, extend its foreclosure and eviction moratorium. EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation With Forbes Insights, The Home Edit Talks About The App That’s Changing How They Organize Kitchens, These Manhattan Neighborhoods Saw The Biggest Price Cuts In 2020, Visual Storytellers’ New Methods Make Real Estate Marketing Magic, How To Lead A (Real Estate) Business In A Time Of Crisis, Here’s What Industry Leaders Predict For Real Estate In 2021, Seeking Reliable Real Estate Businesses, Investors Give Laundromats A Spin, Tips For Creating A Home Care Space For A Covid-Positive Loved One If Necessary, Sun Belt Multifamily Market Showing Resiliency Now And In The Year Ahead. The Trump administration announced an eviction moratorium for some renters on Sept. 1, which is in place through the end of December. The moratorium does not apply to private mortgages. The foreclosure moratorium applies to GSE-backed, single-family mortgages only. You may opt-out by. What Exactly Can Be Taken From You In A Lawsuit? A report she wrote in September on the homeownership gap between Black and white Americans noted that investors may see the coronavirus-spurred economic recession as an opportunity to buy up affordable homes and apartments and renovate them to appeal to wealthier buyers and renters, further reducing the number of affordable homes available to Blacks. “Extending the foreclosure and eviction moratoriums protects homeowners and renters with an Enterprise-backed mortgage and provides certainty for families.” The Coronavirus Aid, Relief and Economic Security Act, which Congress passed in March, allowed for a 60-day moratorium on foreclosures and evictions on federally backed mortgages. The moratorium prohibits servicers from initiating or proceeding with foreclosure and foreclosure-related eviction actions. As the Covid-19 pandemic continues to hammer away in the United States, the Federal Housing Administration announced Monday that it is extending the foreclosure and eviction moratorium for FHA-insured mortgages through February 28. “Without additional federal aid, many households that have missed payments may be unable to cover their back rents and will find themselves on the brink of eviction and at risk of homelessness,” said Chris Herbert, managing director of the Joint Center for Housing Studies of Harvard University, in a November press release. Calls come in daily to HomeFree-USA from homeowners who Griffin said are “exhausted, paralyzed by fear, Covid-sick and have lost their jobs. Likewise, Griffin said, “African American borrowers have to be proactive and contact their lenders directly or a counseling organization if they are not comfortable working with their lenders.”. The protections were originally set to expire on June 30. Email tips and story ideas to brendayrichardson@gmail.com. WASHINGTON, D.C. – U.S. Also announcing the same extension was the Federal Housing Administration (FHA) who extended its foreclosure and eviction moratorium through Aug. 31, 2020, for homeowners with FHA-insured single-family mortgages. Second Stimulus Check Calculator: How Much Will You Receive? Department of Housing and Urban Development (HUD) officials told POLITICO that the department will extend a … I've been featured as a personal finance expert in outlets like CNBC, Yahoo! The current moratoriums were set to expire on August 31, 2020. May 14, 2020. Under the moratorium, direct mortgage servicers are required to halt all new foreclosure actions and suspend any that are in progress for FHA-insured single-family properties. My real estate articles have been published in The Washington Post, Chicago Tribune and several digital platforms, including forbes.com, money.com, chase.com and discover.com. The foreclosure and eviction moratorium, which has been in effect since March 18, 2020, benefits 28 million homeowners who have mortgages guaranteed by Fannie Mae and Freddie Mac, “Because homeownership is the largest wealth builder for the majority of the nation’s families, providing relief from foreclosure and eviction to those who are in jeopardy of losing their hard-earned wealth, through no fault of their own, is a priority,” HUD Secretary Ben Carson. All Rights Reserved. The Federal Housing Administration announced Monday that it is extending the foreclosure and eviction moratorium on single family, FHA-insured mortgages through Feb. 28, 2021. I am an award-winning journalist and former real estate editor at the Chicago Tribune, where I was cited for excellence for my work in launching and editing real estate and home improvement sections. I cover residential real estate, including buying, selling and trends. The Department of Housing and Urban Development will extend a ban on evictions and foreclosures for homes backed by the Federal Housing Administration through … Previously, I was an editor at the Atlanta Journal-Constitution and San Antonio Express-News. So far, there’s no sign that this will be extended like the FHFA moratorium. – Today, to help borrowers and renters who are at risk of losing their home due to the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will extend their single-family moratorium on foreclosures and evictions until at least August 31, 2020. WASHINGTON, D.C — The Federal Housing Administration recently announced the third extension of its foreclosure and eviction moratorium through Dec. 31 for homeowners with FHA-insured single family mortgages covered under the Coronavirus Relief and … Renters are required to submit a statement of financial hardship to their landlord, and it’s unclear how they will be expected to pay back their past-due rent to prevent being evicted when the moratorium expires. These troubling trends will likely result in more homeowners seeking relief.”. Follow me on Twitter at @keywordkelly. This means that if you have a federally backed mortgage, you can’t be foreclosed on or evicted for not paying. This extension provides an additional four months of housing security to homeowners, as they will not fear … WASHINGTON, D.C. — The Federal Housing Administration (FHA) announced the third extension of its foreclosure and eviction moratorium through December 31, 2020, for homeowners with FHA-insured single-family mortgages covered under the … She noted that there is a general sense of distrust among people of color about lenders and servicers and recommended that lenders work with a trusted organization to help them conduct outreach to these borrowers. Servicers are also required to continue to offer mortgage forbearance when a homeowner with a FHA-insured mortgage requests it, with the option to extend forbearance for up to a year. Marcia Griffin, founder of HomeFree-USA, a HUD-approved homeownership development organization, said immediate action is needed to ensure Black homeowners do not lose their homes. Third extension will allow FHA-insured homeowners economically impacted by COVID-19 to focus on financial recovery. WASHINGTON – Today, the Federal Housing Administration (FHA) announced the third extension of its foreclosure and eviction moratorium through December 31, 2020, for homeowners with FHA-insured single family mortgages covered under the Coronavirus Relief and … A lump sum payment will not be required at the end of the forbearance period. Borrowers needing assistance must contact their servicers by the end of February. through Jan. 2021—the moratorium was originally slated to expire at the end of December. Finance, CBS News Radio and more. The Tribune's real estate section was ranked as the third best in the country under my tenure by the National Association of Real Estate Editors. When you seek foreclosure relief during this moratorium, FHA lenders are required to do the following: Offer borrowers with FHA-insured mortgages delayed mortgage payment forbearance at the borrower’s request; There is an option to extend the forbearance for up to a full year. I am an award-winning journalist and former real estate editor at the Chicago Tribune, where I was cited for excellence for my work in launching and editing real estate. “We work with several mortgage lenders who are telling us they have tens of thousands of Black borrowers who are not responding to requests for forbearance,” she said, pointing out that homeowners must call their lenders to request the final extension or they will default on their loans. Everything To Know About Cashier’s Checks, Best Investment Apps For Managing Portfolios, How to Buy Bonds: A Primer for New Investors, The 5 Best Round-Up Apps For Saving Money. The one-month extension was announced as legislators continue to discuss second stimulus proposals and negotiate the terms of a government spending package that must be approved next week to avoid a shutdown—however, there’s no immediate relief in sight. The current moratorium was set to expire on June 30. “Because homeownership is the largest wealth builder for the majority of the nation’s families, providing relief from foreclosure and eviction to those who are in jeopardy of losing their hard-earned wealth, through no fault of their own, is a priority,” HUD Secretary Ben Carson said in August when the agencies announced the moratorium would be extended through the end of the year. Additional restrictions on businesses and rising Covid-19 cases are causing a renewed increase in layoffs and other signs of slowing economic activity. The lead sponsors of the campaign include the Mortgage Bankers Association, American Bankers Association, Housing Policy Council and NeighborWorks America. WASHINGTON – Today, the Federal Housing Administration (FHA) announced the third extension of its foreclosure and eviction moratorium through Dec. 31, 2020, for homeowners with FHA-insured single family mortgages covered under the Coronavirus Relief and Economic Security (CARES) Act. The Department of Housing and Urban Development recently announced that the Federal Housing Administration is granting a two-month extension of its foreclosure and eviction moratorium and initial forbearance requests through February 28, 2021. This compensation comes from two main sources. Everyone is concerned that they will lose their homes, but they are not working with their lenders for various reasons.”. You have a federally backed mortgage, you can ’ t be foreclosed on or evicted for not paying Ginnie. 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