The Federal Housing Finance Agency and Federal Housing Administration announced Wednesday that they are extending the moratorium on foreclosures and evictions as the nation continues to cope with economic fallout from the COVID-19 pandemic.
The ban on evictions and foreclosures will be in place until at least Aug. 31. It was set to expire on June 30.
“To protect borrowers and renters during the pandemic we are extending the Enterprises’ foreclosure and eviction moratorium. During this national health emergency no one should worry about losing their home,” FHFA Director Mark Calabria said.
“While the economic recovery is already underway, many American families still need more time and assistance to regain their financial footing,” HUD Secretary Ben Carson said. “Our foreclosure and eviction extension means that these families will not have to worry about losing their home as they work to recover from the financial impacts of COVID-19.”
The FHFA moratorium on foreclosures applies to Fannie and Freddie-backed single-family mortgages only. FHFA said it will “continue to monitor the coronavirus situation and update policies as needed.”
The FHA moratorium applies to homeowners with FHA-insured single-family mortgages.