Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac are extending the moratoriums on single-family foreclosures and real estate owned (REO) evictions until July 31, 2021. The foreclosure moratorium applies to Fannie Mae and Freddie Mac, single-family mortgages only. The REO eviction moratorium applies to properties that have been acquired by Fannie Mae and Freddie Mac through foreclosure or deed-in-lieu of foreclosure transactions. The current moratoriums were set to expire on June 30, 2021.
As we have been advising our clients that are in default or forbearance, the news of extension does not mean that you should just sit around and wait. Remember that with every passing month, your mortgage payments continue to accrue. If you have returned to work and can demonstrate sufficient income, it is a good time to seek out a loan modification. Our New York foreclosure attorneys are always available to help and will assist you in the process. We have helped many struggling homeowners and will work with your mortgage servicer to negotiate an affordable loan modification.
Call us today for a free consultation at (718) 520-0085, or send us a message through our contact us page.
