Fannie Mae and Freddie Mac announced Thursday that they are extending the ban on single-family foreclosures and evictions for properties with mortgages managed by the two companies.
The suspension, which was put in place to protect homeowners and renters amid the pandemic, will be in effect through the end of the year. It had been set to expire next week.
“The extension of our eviction and foreclosure moratorium is just one part of the comprehensive assistance we’re providing borrowers and communities impacted by COVID-19,” said Donna Corley, executive vice president and head of Freddie Mac’s Single-Family business. “We are committed to helping families affected by the pandemic, and we have instructed servicers to work with borrowers who are unable to make their mortgage payments to ensure they are evaluated for a forbearance plan or other appropriate assistance.”
“Fannie Mae, along with our lending and servicing partners, remains committed to supporting households who are experiencing job loss, a reduction in work hours or income, or other issues due to COVID-19,” said Malloy Evans, Senior Vice President and Single-Family Chief Credit Officer, Fannie Mae. “With this latest extension of the foreclosure and eviction moratorium, we can continue to help ensure distressed borrowers are able to remain in their homes during this national emergency.”