The Federal Housing Finance Agency has ordered Fannie Mae and Freddie Mac to suspend foreclosures and evictions for at least 60 days. This moratorium applies to homes subject to Federal Housing Administration (FHA) insured single-family mortgages, Home Equity Conversion mortgages and Reverse Mortgages only.
If your income has been lost or reduced, you cannot be subject to foreclosure or eviction during this time period. Private mortgages and tenants in properties that are not subject to FHA rules and regulations are not protected.
It remains to be seen if there are further, more expanded policies that could protect those who cannot catch up on their payments after the coronavirus crisis passes.
Please don't hesitate to contact us if you have any questions or would like to schedule a consultation.