The Federal Housing Finance Agency announced today that it would extend through June 30, a moratorium on foreclosures and real estate owned evictions for single-family mortgages backed by Fannie Mae or Freddie Mac. The current moratorium was set to expire on March 31.
FHFA also announced that borrowers with GSE-backed mortgages would also be eligible for an additional three-month extension of COVID-19 forbearance. With this extension, borrowers may be in forbearance for up to 18 months in total. The extension applies to borrowers who are in a COVID-19 forbearance plan as of Feb. 28, 2021.
Fannie and Freddie both issued guidance for servicer on the new extensions, which are similar to extensions announced last week by the Biden administration for loans backed by the Department of Housing and Urban Development, the Department of Veterans Affairs and the Department of Agriculture.