![](\"https:\/\/www.floridarealtors.org\/sites\/default\/files\/styles\/full_width_main_image\/public\/page\/image\/2019-10\/gettyimages-969680910.jpg?h=119335f7&itok=IVqXrScn\")
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Homeowners with mortgages held by Fannie Mae or Freddie Mac cannot be evicted through June 30, nor can renters in buildings acquired by the lending giants. Forbearance was also extended for three additional months, allowing some owners to skip mortgage payments for a total of 18 months.<\/span><\/span><\/p>\n<\/div>\n WASHINGTON \u2013 The Federal Housing Finance Agency (FHFA) announced extensions of several measures \u2013 foreclosures, evictions and forbearance \u2013 to \u201calign COVID-19 mortgage relief policies across the federal government.\u201d<\/span><\/span><\/p>\n FHFA announced that Fannie Mae and Freddie Mac \u2013 two massive secondary mortgage lenders that own over half of all U.S. mortgages \u2013 have extended their moratorium on single-family foreclosures and real estate owned (REO) evictions until June 30, 2021.<\/span><\/span><\/p>\n The moratorium applies only to single-family mortgages held by Fannie and Freddie.<\/span><\/span><\/p>\n The REO eviction moratorium applies to properties acquired by Fannie and Freddie through foreclosure or deed-in-lieu of foreclosure transactions. The current moratoriums have been extended and, under the latest guidelines before this announcement, were set to expire on March 31, 2021.<\/span><\/span><\/p>\n FHFA also announced that borrowers with a Fannie- or Freddie-backed mortgage may be eligible for an additional three-month extension of COVID-19 forbearance, which allows homeowners to forego mortgage payments for a limited period of time. Once forbearance ends, the homeowner may be allowed to pay back the full amount owed, tack the missed payments onto the end of their mortgage period, or pay the money back when the house is sold, under FHFA\u2019s COVID-19 Payment Deferral program.<\/span><\/span><\/p>\n With a dearth of for-sale homes currently on the market, some homebuyers have been hoping for a spike in foreclosure inventory. However, the forbearance extension makes that unlikely until at least July or later \u2013 and if the COVID-19 vaccine works as hoped by summer, more of those homeowners may be able to return to work and avoid foreclosure altogether.<\/span><\/span><\/p>\n The additional three-month extension now allows borrowers to be in forbearance for up to 18 months, though eligibility is limited to borrowers already in a COVID-19 forbearance plan as of Feb. 28, 2021. Other limits may apply.<\/span><\/span><\/p>\n \u201cBorrowers and the housing finance market alike can benefit during the pandemic from the consistent treatment of mortgages regardless of who owns or backs them,\u201d says FHFA Director Mark Calabria. \u201cToday\u2019s extensions of the COVID-19 forbearance period to 18 months, and foreclosure and eviction moratoriums through the end of June, will help align mortgage policies across the federal government.\u201d<\/span><\/span><\/p>\n FHFA says it \u201ccontinues to monitor the effect of the COVID-19 servicing policies\u201d on borrowers, and the mortgage market, and it may \u201cextend or sunset its policies based on updated data and health risks.\u201d That suggests that FHFA reserves the right to cancel the moratoriums if the pandemic fades, but it could also extend them past June 30 if it thinks the move is justified.<\/span><\/span><\/p>\n Homeowners and renters can visit the Consumer Financial Protection Bureau\u2019s website<\/a> for updated information on relief options, protections and key deadlines.<\/span><\/span><\/p>\n\nForeclosures<\/span><\/span><\/h3>\n
Forbearance<\/span><\/span><\/h3>\n