The Federal Housing Administration (FHA) and HUD announced, a few weeks following FHFA's similar announcement, the fourth extension of its foreclosure and eviction moratorium … FHFA will continue to monitor the effect of coronavirus on the mortgage industry and update its policies as needed. 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. This extension provides an additional four months of housing security to homeowners, as they … HUD announced that the FHA is providing a two-month extension of its foreclosure and eviction moratorium and request for forbearance through Feb. 28, 2021. Because single-family borrowers can defer or reduce their mortgage payments for up to six months, plus an additional six months if requested, some FHA borrowers may not exit forbearance until Feb. 28, 2022. WASHINGTON - Today, the Federal Housing Administration (FHA) announced an extension of its foreclosure and eviction moratorium through June 30, 2020, for homeowners with FHA-insured Single Family mortgages, while also supporting new FHA-insured mortgage originations through an extension of temporary policy flexibilities for lenders and appraisers. Washington, D.C. – 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. According to recent data from the Mortgage Bankers Association, 7.68% of Ginnie Mae securities, primarily mortgages backed by the FHA and Veterans Administration, are in some stage of forbearance. The moratorium prohibits servicers from initiating or proceeding with foreclosure and foreclosure-related eviction actions for FHA-insured single family forward and reverse mortgages, except for those secured by legally vacant and abandoned properties. For the fourth time, the Federal Housing Administration (FHA) announced it is extending the foreclosure and eviction moratorium for single family FHA … In our newest guide, learn how Blend leverages partnerships and integrations to offer a host of features that support efficient and streamlined lending. The moratorium is for single-family home borrowers with FHA-insured mortgages to request an initial Covid-19 forbearance from their mortgage servicer to defer or reduce their mortgage … borrowers with FHA-insured mortgages and mortgagees. “Today’s foreclosure moratorium and forbearance extensions for single family homeowners ensure American homeowners continue to have the critical relief and support they need to get back to financial stability.”. More information about HUD and its programs is available at www.hud.gov and https://espanol.hud.gov. The FHFA has not announced whether it will continue to buy loans in forbearance past the current expiration date of Dec. 31, 2020. FHA’s Single Family foreclosure and eviction moratorium extension applies to homeowners with FHA-insured Title II Single Family forward and Home Equity Conversion (reverse) mortgages, and continues to direct mortgage servicers to: “While the economic recovery is already underway, many American families still need more time and assistance to regain their financial footing,” said HUD Secretary Ben Carson. The moratorium applies to the initiation of foreclosures and to foreclosures in process. The FHA announced that it is extending its foreclosure and eviction moratorium for single family FHA-insured mortgages for an additional two months, through February 28, 2021. The Department of Housing and Urban Development will extend a ban on evictions and foreclosures for homes backed by the Federal Housing Administration through … ALTA highlights over 51,000 title jobs saved by PPP loans, Top 5 Strategies to Build Lifelong Borrower Relationships, The Simple Secret to Maximizing Lending Efficiencies in a High Volume Market, A Proven Way to Increase Underwriting Capacity, The Practical Use of AI for Loan Officers. You must have an active HW+ membership to comment.Already a member? Housing Choice Voucher Program (Section 8), Congressional and Intergovernmental Relations, Office of the Assistant Secretary for Administration, Office of Small and Disadvantaged Business Utilization, Integrated Disbursement & Information System (IDIS), Contact the Public and Indian Housing (PIH) Resource Center, HUD's Headquarters Organizational Directory, Find the address of the HUD office near you, Halt all new foreclosure actions and suspend all foreclosure actions currently in process, excluding legally vacant or abandoned properties; and. While the speed and magnitude of the housing recovery was surprising, the strong underlying fundamentals serving as tailwinds for the housing market’s recovery were not, and these tailwinds are expected to remain strong in 2021. Post was not sent - check your email addresses! On August 27, 2020, the Federal Housing Administration (FHA) published Mortgagee Letter (ML) 2020-27, “Extension of Foreclosure and Eviction Moratorium in Connection with the Presidentially-Declared COVID-19 National Emergency,” which announces a third extension of the foreclosure and eviction moratorium through December 31, 2020. Will 2021 bring more balance to home sales? Temporary re-verification of employment, exterior-only appraisal inspections, provisions for self-employment verifications and rental income will also be extended to Feb. 28, 2021. Mortgage rates reach another record low, Merry Christmas! The Federal Housing Administration (FHA), part of the U.S. Department of Housing and Urban Development (HUD), has suspended foreclosures and evictions through December 31, 2020. FHA will continue to assist borrowers who are struggling to regain their financial footing as a result of this pandemic. 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