HUD Extends FHA Foreclosure/Eviction Moratorium through Mar. 31
HUD on Jan. 21 extended the moratorium on FHA single-family foreclosures and evictions through Mar. 31.
The foreclosure and eviction moratorium applies to single-family mortgages insured by FHA or guaranteed by the Office of Native American Programs’ Section 184 and 184A loan guarantee programs.
“[The] Administration is quickly addressing the widespread needs of a nation that is in urgent need of meaningful assistance to begin combatting the effects of COVID-19,” said Acting Federal Housing Commissioner Janet Golrick. “Immediately safeguarding borrowers with HUD-insured or guaranteed mortgages is an important first step in tackling larger, systemic housing challenges that must be overcome.”
The moratorium prohibits servicers from initiating or proceeding with foreclosure and foreclosure-related eviction actions for HUD-insured or guaranteed single-family forward and reverse mortgages, except for those secured by legally vacant and abandoned properties. Further, HUD requires mortgage servicers to provide up to six months of COVID-19 forbearance when a borrower experiencing a financial hardship due to COVID-19 requests this assistance, and up to an additional six months of COVID-19 forbearance for a borrower who requests an extension of the initial forbearance.
Borrowers with FHA-insured mortgages seeking additional information on available options can visit FHA’s COVID-19 Resources for Homeowners web page on FHA.gov. Borrowers with mortgages guaranteed under the Section 184 or Section 184A programs seeking additional information on available options should visit HUD’s COVID-19 Resources for Native Americans web page. Other borrowers are encouraged to visit the Consumer Financial Protection Bureau’s Coronavirus Mortgage and Housing Assistance web pages.