Just Announced: Foreclosure & Forbearance Moratoriums Extended - Payments Moved to End of Mortgage

The Federal Housing Finance Agency today announced that they have extended Forbearance, Foreclosure, and Covid 19 Deferred Payment programs to help homeowners at this time. This is again sweeping confirmation that the government is doing all it can to keep the economy afloat by allowing people to stay in their homes instead of being foreclosed on. Copy of the press release is here, as well as a link to the FHFA site. FHFA Extends Foreclosure and REO Eviction Moratoriums and COVID Forbearance Period Borrowers can now be in COVID forbearance for up to 15 months FOR IMMEDIATE RELEASE 2/9/2021 Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) are extending the moratoriums on single-family foreclosures and real estate owned (REO) evictions until March 31, 2021. The foreclosure moratorium applies to Enterprise-backed, single-family mortgages only. The REO eviction moratorium applies to properties that have been acquired by an Enterprise through foreclosure or deed-in-lieu of foreclosure transactions. The current moratoriums were set to expire on February 28, 2021. FHFA also announced that borrowers with a mortgage backed by Fannie Mae or Freddie Mac may be eligible for an additional forbearance extension of up to three months. Eligibility for the extension is limited to borrowers who are on a COVID-19 forbearance plan as of February 28, 2021, and other limits may apply. Further, COVID-19 Payment Deferral for borrowers with an Enterprise-backed mortgage can now cover up to 15 months of missed payments. COVID-19 Payment Deferral allows those borrowers to repay their missed payments at the time the home is sold, refinanced, or at mortgage maturity. “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. Currently, FHFA 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. FHFA continues to monitor the effect of the COVID-19 servicing policies on borrowers, the Enterprises and their counterparties, and the mortgage market. FHFA may extend or sunset its policies based on the data and the health risk. This is the kind of real estate news you will find with Meet Kevin, Jeb Smith, Javier Vidana, and Ken McElroy. Useful Links: https://www.fhfa.gov/Media/PublicAffa... Information on the Payment Deferral Program: https://www.fanniemae.com/here-help-h... Terry's Bio: In 2001, Terry left his public school teaching career to become a top producing retail real estate agent in the Atlanta area. After 15 years and selling over 1,000 homes, Terry transitioned to full time real estate investing. Today, he’s the CEO and founder of the growing "Nice Guys Buying Houses" brand which currently operates in the southeastern markets of Atlanta, GA Greenville, SC and Huntsville, AL. Terry has encyclopedic knowledge of retail market trends, comparative sales data, and statistical insights invaluable to the house flipping and new home builder community. His knowledge has been sharpened by personally walking over 10,000 houses with retail clients of all ages and demographics. His vast knowledge of what home buyers want has allowed him to successfully flip between 25 and 45 homes per year since 2016. He is sought after as a speaker and consultant in the agent/investor space and has appeared on numerous podcasts and live stages.