- Foreclosure protections
- On August 27, 2020, the Federal Housing Finance Agency announced an extension of its moratorium on single-family foreclosures and real estate owned evictions through at least December 31, 2020, for homeowners in Fannie and Freddie-backed single-family mortgages.
- The FHA has also extended its foreclosure and eviction moratorium through at least December 31, 2020, for homeowners with FHA-insured single family mortgages covered under the CARES Act.
- The USDA has suspended foreclosures and related evictions for borrowers with USDA single family Housing and Direct and Guaranteed loans through December 31, 2020.
- Forbearance rights: Borrowers with certain types of federally-backed or federally-funded mortgages on their single-family homes are eligible to request a forbearance from payments for up to 6 months. The request for initial forbearance may be made through December 31, 2020.
- Under the CARES Act, borrowers with a covered loan and experiencing a financial hardship due to COVID-19 can request and obtain a pause in payment on their loan (called a “forbearance”) for up to 180 days, with an option to extend another 180 days. Approximately two-thirds of residential mortgages are covered loans. No late fees, interest, or penalties accrue during the forbearance period beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the terms of the mortgage contract. Here’s more information about the protections. The Act did not include a date on when these protections expire so individual federal agencies have issued ongoing guidance and extensions of their forbearance policies.
- Here’s the October announcement from the Federal Housing Administration on the extension of its single family forbearance policy through December 31, 2020.
- Here’s a site with links to the different federal loan programs and their forbearance policies and how to find out if your loan is covered by one of these programs.
If you know of any updates that should added to this list, please email CommunityAssistanceProject@law.utexas.edu.