Evictions & Foreclosures On Hold for Another Two Months as Moratoriums Extended: What This Means
Evictions & Foreclosures On Hold for Another Two Months as Moratoriums Extended: What This Means Aug 5, 2020 In mid-June, federal eviction and foreclosure moratoriums were extended for an additional two months; Specifically, Fannie Mae and Freddie Mac announced that they will extend moratoriums on evictions and foreclosures on single-family homes until August 31. Those who cannot make mortgage payments have the opportunity to seek for forbearance through the Coronavirus Relief and Economic Security (CARES) Act, which has allowed them to reduce or delay payments for up to one year, while those who do not have government backed loans may also be able to obtain forbearance, depending upon their lenders. In addition, the US Department of Housing and Urban Development also extended loan forgiveness on single-family mortgages insured within the Federal Housing Administration (FHA) program through the end of August, and these efforts were also joined by the Federal Housing Finance Agency. While the moratorium extension specifically applies to homeowners who have FHA-insured Title II Single Family Forward and home equity conversion/reverse mortgage, all servicers have been ordered to halt foreclosure actions and cease evictions of anyone renting single-family properties with the program. Mortgage Forbearance Under The CARES Act As Florida foreclosure attorneys, we have already received a number of questions concerning how mortgage forbearance under the CARES Act works, as approximately four million homeowners have already entered forbearance programs just since the Act passed. The Emergency Standalone Partial Claim program places any and all deferred mortgage payments owed into a junior lien, which is paid only when the mortgage is extinguished—usually due to the borrower selling their home or refinancing their mortgage. Borrowers are allowed to request an initial forbearance period of up to 180 days, and at the end of that period, they can extend that request by another 180 days. Under the Act, lenders are also required to approve forbearances, regardless of any delinquency status, and borrowers are not required to provide any evidence of hardship to their lenders in order to be approved. In addition, the Act not only applies to borrowers with loans backed by Fannie Mae and Freddie Mac, but also the Department of Veteran Affairs and U.S. Department of Agriculture. However, what we also advise clients is that, when you participate in this program, interest on missed payments still accrues and, while forbearance should not affect your credit, it could still make it more difficult to obtain a loan in the future. What to Expect: Contact Our Florida Foreclosure Attorneys to Find Out More If you apply for a forbearance under the program, you will receive a mortgage forbearance agreement from your lender, which highlights how payments will work once that the forbearance period ends. It is advisable that you sit down and have a consultation with a foreclosure attorney at that time in order to ensure that you understand this agreement in order to ensure that you do not agree to anything that could surprise you, or otherwise lead to foreclosure without you realizing it. If you have any questions about these programs or foreclosures in general, contact our Tampa foreclosure attorneys at HD Law Partners today to find out how we can help. Resource: cnn.com/2020/06/17/success/fha-eviction-and-foreclosure-moratorium-extended/index.html consumerfinance.gov/ask-cfpb/what-is-a-second-mortgage-loan-or-junior-lien-en-105/ forbes.com/sites/brendarichardson/2020/06/17/government-agencies-extend-foreclosure-and-eviction-moratoriums/#46ac3fb326bb consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/cares-act-mortgage-forbearance-what-you-need-know/ Florida Governor’s Order Clarifies Eviction & Foreclosure Suspension, But Does Not Apply to Commercial Tenants Posted in Foreclosure Defense | No Comments » Connect with us Archives May 2026 April 2026 March 2026 February 2026 January 2026 December 2025 November 2025 October 2025 September 2025 July 2025 June 2025 January 2025 January 2024 December 2023 November 2023 October 2023 September 2023 August 2023 July 2023 June 2023 May 2023 April 2023 March 2023 February 2023 January 2023 December 2022 November 2022 October 2022 September 2022 August 2022 July 2022 May 2022 April 2022 March 2022 November 2021 October 2021 September 2021 August 2021 July 2021 May 2021 April 2021 March 2021 February 2021 January 2021 December 2020 November 2020 October 2020 August 2020 July 2020 June 2020 May 2020 April 2020 March 2020 February 2020 January 2020 December 2019 November 2019 October 2019 September 2019 August 2019 July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 June 2017 May 2017 April 2017 March 2017 February 2017 January 2017 December 2016 November 2016 October 2016 November 13 Categories Alimony Appellate Arbitration Auto Accidents Auto Insurance Business Corporate Business Insurance Law Child Custody Child Support Criminal Law Divorce Family Law FEMA Insurance Payments Florida’s Mandatory 2‑Hour Legal Professionalism CLE: Foreclosure Defense Fort Myers Hurricane Insurance Attorney General Guardianship HD Law Partners Service HOA/Property Management Homeowners Association Homeowners Insurance Hurricane Claims Hurricane Insurance Insurance Bad Faith Insurance Claims Insurance Defense Insurance Litigation Landlord Tenant Law Enforcement Liability Loan Modifications Mold Water Damage Parental Rights Paternity Personal Injury Premises Liability Law Prenuptial Agreements Private Security Property Distribution Property Owner Law Sarasota Insurance Litigation Attorney Slip Fall Tampa Business and Corporate Attorneys tampa family attorney Tampa Insurance Attorneys Timeshare Timesharing Uncategorized HD Law Partners is proud to be your trusted full-service law firm Quick Links Property & Casualty Business & Corporate Litigation Family Law Contact Us Careers Get In Touch 2002 North Lois Avenue Suite 510 Tampa, FL 33607 813-253-5333 Contact Us