HUD Halts Foreclosures for 60 Days

The Department of Housing and Urban Development (HUD) is suspending evictions and foreclosures for single-family home owners with Federal Housing Administration (FHA)-insured mortgages through April as the nation grapples with the coronavirus.
HUD said the guidance issued today applies to homeowners with FHA-insured Title II Single Family forward and Home Equity Conversion (reverse) mortgages, and directs mortgage servicers to:
· Halt all new foreclosure actions and suspend all foreclosure actions currently in process; and
· Cease all evictions of persons from FHA-insured single-family properties.
“This is an uncertain time for many Americans, particularly those who could experience a loss of income. As such, we want to provide FHA borrower households with some immediate relief given the current circumstances,” said Brian Montgomery, FHA commissioner, in a statement. “Our actions today make it clear where the priority needs to be.”
HUD secretary Ben Carson also said on Twitter that HUD is “working with Congress to give HUD the authority to prevent evictions in Public Housing programs.”
In addition, the Federal Housing Finance Agency (FHFA) has directed government-sponsored enterprises Fannie Mae and Freddie Mac to halt foreclosures and evictions for at least 60 days. The foreclosure and eviction suspension applies to homeowners with an enterprise-backed single-family mortgage.
Earlier this month, the FHFA announced that the government-sponsored enterprises would provide payment forbearance to borrowers impacted by the coronavirus. Forbearance allows for a mortgage payment to be suspended for up to 12 months due to hardship from the coronavirus outbreak.
Advocates are calling for additional measures, especially for the lowest-income and most vulnerable residents.

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