Despite a one-month gap between the end of the foreclosure moratorium and the start of new regulations to protect homeowners, mortgage servicers will not be able to begin foreclosure proceedings this year for most borrowers with loans backed by Fannie Mae or Freddie Mac, the Federal Housing Finance Agency said in a statement Tuesday.
Homebuyers who are struggling with their mortgages thanks to the struggling COVID economy have another two months of safety before the foreclosure ax begins to swing.
Fannie Mae and Freddie Mac say they will extend their eviction and foreclosure moratoriums through Dec. 31 as the economic damage from the coronavirus crisis looks increasingly likely to last around the country.
The Federal Housing Administration and the Federal Housing Finance Agency have extended their COVID-19 foreclosure and eviction moratoriums for the second time, this time for two months.
