The following news release was posted on the Federal Housing Finance Agency site. It is important to note that this does NOT apply to every mortgage everywhere. Many mortgages are owned by Fannie Mae or Freddie Mac, but not all of them. Still, this moratorium and possibility for forbearance will help many people. See at the bottom of this post for instructions on how to look up your mortgage.
"1/19/2021
Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will extend the moratoriums on single-family foreclosures and real estate owned (REO) evictions until February 28, 2021. The foreclosure moratorium applies to Enterprise-backed, single-family mortgages only. The REO eviction moratorium applies to properties that have been acquired by an Enterprise through foreclosure or deed-in-lieu of foreclosure transactions. The current moratoriums were set to expire on January 31, 2021.
“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 Director Mark Calabria.
Currently, 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. FHFA continues to monitor the effect of the foreclosure and eviction moratorium on borrowers, the Enterprises and their counterparties, and the mortgage market and extend or sunset its policies based on the data and health risk.
The Enterprises continue to offer comprehensive loss mitigation programs for borrowers with eligible hardships. These programs, which were established pre-pandemic and have helped more than 4.5 million families stay in their home, will remain available even when COVID-19 forbearance flexibilities end.
Under the comprehensive loss mitigation programs, qualified borrowers with a financial hardship that affects their ability to pay their mortgage may be eligible for temporary forbearance of up to 12 months, whether their hardship was caused by COVID-19 or not. Qualified borrowers can also obtain loan modifications to assist their ability to resume regular monthly payments once their hardship is resolved."
According to www.https://www.makinghomeaffordable.gov
"To find out if Fannie Mae or Freddie Mac owns your loan, use their respective loan lookup tools or contact your mortgage company to ask who owns your loan.
FANNIE MAE, 1-800-2FANNIE (8am to 8pm EST), KnowYourOptions.com/loanlookup
If you mortgage is owned by Fannie Mae, visit Know Your Options to learn more about foreclosure assistance options.
FREDDIE MAC, 1-800-FREDDIE (8am to 8pm EST), FreddieMac.com/mymortgage
If you mortgage is owned by Freddie Mac, visit My Home to learn more about foreclosure assistance options.
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