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Foreclosure and Loan Modification Blog

COVID-19 Foreclosure and Eviction Procedures

Federal Foreclosure Moratoriums

Federal laws now state that Fannie Mae, Freddie Mac and FHA have been directed to suspend foreclosures and evictions due to the COVID-19 emergency. What does this mean? Any person with an Enterprise-backed single-family mortgage will not be evicted or foreclosed on before August 31st. This does not mean that your mortgage payments are forgiven for the next 2 months; you must still pay the money, the due dates have just been suspended. You will not be charged a fee for taking advantage of this forbearance. Also, as per the Federal CARES Act, your mortgage servicer is not allowed to ask you to pay a lump sum payment at the end of the forbearance period.

If you don’t know whether your loan is backed by Fannie Mae or Freddie Mac, you can verify it below.

Foreclosure Moratorium Available for FHA Homeowners Hit by Hurricane Irma

If your home or your ability to pay your mortgage was damaged by a presidentially-declared disaster, such as hurricanes Harvey, Irma, or Maria, you may qualify for a foreclosure moratorium.

The Department of Housing and Urban Development (HUD) website says:

“If you are at risk of losing your home because of the disaster, your lender may stop or delay initiation of foreclosure for 90 days. Lenders may also waive late fees for borrowers who may become delinquent on their loans as a result of the disaster.”

This help is much needed for many people affected by the recent hurricanes. Forced evacuations, missed work, damaged homes and property, injuries, and all kinds of extra expenses are contributing to people's financial hardships, which can leave them unable to make mortgage payments.

90 days delay on foreclosure initiation or a waiver on late fees is a big help in easing the burden caused by a disaster and could be the difference between keeping your home and losing it.

About this Blog

Amerihope Alliance Legal Services is a leading loan modification and foreclosure defense law firm with attorneys licensed in 5 states. We have helped over 7,000 homeowners fight back and keep their homes.

Click to Read Our Super Loan Mod Success Stories

Our goal is to provide valuable information to help homeowners who are trying to obtain a loan modification or to stop foreclosure. You may schedule a free consultation at any time.

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