The Trump administration announced on March 18 that foreclosures and evictions for Federal Housing Administration (FHA)-backed mortgages for single family properties would be suspended for the next 60 days. The guidance instructs mortgage servicers to suspend both new foreclosures and foreclosures currently in process and to cease eviction proceedings for people residing in FHA-insured single-family properties. These guidelines apply only to homeowners with single-family properties insured through the FHA, about 8.1 million households.
Following the administration’s announcement about FHA-backed mortgages, the Federal Housing Finance Agency (FHFA) – the agency overseeing the government-sponsored entities (GSEs) Fannie Mae and Freddie Mac – announced the GSEs would also implement a 60-day suspension on foreclosures and evictions for homeowners behind on their mortgages. The announcement is expected to impact approximately 182,000 homeowners who are currently in some stage of the foreclosure process.
In addition, USDA announced that it would be suspending foreclosures and evictions for 60 days on USDA-financed homes in rural America.
In a statement, NLIHC president and CEO Diane Yentel noted that these actions are an important first step, but “far more is needed to protect the people who are at the greatest risk of evictions and homelessness – America’s lowest-income renters who were already struggling to pay rent and make ends meet before this latest disaster, and people experiencing homelessness.”
Read the FHA announcement at: https://bit.ly/2x9LsZ3
Learn more about the FHFA announcement at: https://politi.co/2WsASqE
Read Diane’s statement at: https://bit.ly/33vjiUk