The Federal Housing Finance Agency ("FHFA") announced that Fannie Mae and Freddie Mac are extending their foreclosure and eviction moratoriums until at least June 30.
Servicers will begin offering deferral payment options beginning July 1, 2020. The FHFA, in response to COVID-19, permits borrowers facing financial hardship to go into mortgage forbearance programs. These programs primarily act as a "pause" or reduction in their monthly payments.
However, while the final stages of the Foreclosure process have been suspended, Sheriff's Sale and Evictions, the majority of the process, filing the Complaint and Entries of Final Judgments, are allowed to proceed.
For any questions or assistance, please contact the Foreclosure Attorneys at Fazzio Law, we are in your corner!
For more Foreclosure updates, please read our prior posts: https://www.fazziolaw.com/blog/covid-19-relief-law-new-york-suspends-mortgage-payments.cfm
Category: COVID-19 Relief Law
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