The Federal Housing Finance Agency announced that Fannie Mae and Freddie Mac are extending the moratoriums on single-family foreclosures and real estate owned evictions until March 31. They had been set to expire February 28.
Originally enacted last year to protect homeowners during the Covid pandemic, the moratorium applies to Fannie and Freddie-backed, single-family mortgages only. The REO eviction moratorium applies to properties that have been acquired by Fannie and Freddie through foreclosure or deed-in-lieu of foreclosure transactions.
“To keep families in their home during the pandemic, FHFA is allowing borrowers to be in COVID-19 forbearance for up to 15 months and extending the Enterprises’ foreclosure and eviction extension,” said Director Mark Calabria.
FHFA announced it projects expenses of $1.5 to $2 billion will be borne by the Enterprises due to the existing Covid-19 foreclosure moratorium and its extension.