FHFA Suspends Foreclosures and Evictions for Enterprise-Backed Mortgages
Washington, D.C. – Today, to help borrowers who are at risk of losing their home, the Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac (the Enterprises) to suspend foreclosures and evictions for at least 60 days due to the coronavirus national emergency. The foreclosure and eviction suspension applies to homeowners with an Enterprise-backed single-family mortgage.
Earlier this month, FHFA announced that the Enterprises would provide payment forbearance to borrowers impacted by the coronavirus. Forbearance allows for a mortgage payment to be suspended for up to 12 months due to hardship caused by the coronavirus.
“This foreclosure and eviction suspension allows homeowners with an Enterprise-backed mortgage to stay in their homes during this national emergency," said Director Mark Calabria. “As a reminder, borrowers affected by the coronavirus who are having difficulty paying their mortgage should reach out to their mortgage servicers as soon as possible. The Enterprises are working with mortgage servicers to ensure that borrowers facing hardship because of the coronavirus can get assistance."
FHFA will continue to monitor the coronavirus situation and update policies as needed.
FREQUENTLY ASKED QUESTIONS: FANNIE MAE AND FREDDIE MAC ASSISTANCE OPTIONS FOR FAMILIES IMPACTED BY COVID-19
Fannie Mae, Freddie Mac (the Enterprises) and the Federal Home Loan Banks are taking steps to help people who have been impacted by the coronavirus. If your ability to pay your mortgage is impacted, and your loan is owned by Fannie Mae or Freddie Mac, you may be eligible to delay making your monthly mortgage payments for a temporary period, during which:
You won’t incur late fees.
You won’t have delinquencies reported to the credit bureaus.
Foreclosure and other legal proceedings will be suspended
If you have trouble catching up at the end of this temporary relief period, additional assistance may be available. You can work with your servicer to resume making a mortgage payment. Or if you need additional assistance, you can work with your servicer on other foreclosure prevention options to keep your home.
Contact your mortgage servicer (the company where you send your monthly payments) as soon as possible to let them know about your current circumstances. The telephone number and mailing address of your mortgage servicer should be listed on your monthly mortgage statement. For more information go to
Protecting your finances during the Coronavirus Pandemic
The CFPB is committed to providing consumers with up-to-date information and resources to protect and manage their finances during this difficult time as the situation evolves
Federal, state, and local governments are working to respond to the growing public health threat of coronavirus, or COVID-19.
Communities continue to announce the temporary closure of businesses, schools and other public facilities or events. While these actions are necessary steps to help reduce exposures, it may bring financial uncertainty for many people who could experience a loss of income due to illness or workplace closures.
List of banks offering help to customers impacted by the coronavirus
Bank of America
Wells Fargo and many more banks participating, go to the bank rate site for a list of more banks and details (updated daily)CLICK HERE
Other Resources Below
Coronavirus and the market plunge: 5 things you can do right now
The market is running scared of the coronavirus. From last Friday’s close through Thursday, the S&P 500 has dropped a stunning 10.7 percent, while the Dow Jones Industrial Average has fallen 11.1 percent. The moves have hammered 401(k) accounts, IRAs and regular investment accounts alike.
Long-term investors may see this as a bump in the road, but it’s hard to stay focused when the market is falling so far and so fast. If you’re sweating the market’s drop, here’s what you can do. CLICK HERE