HUD/FHFA announce details of foreclosure and eviction moratorium

On March 18, 2020, President Trump announced during a White House briefing that “the Department of Housing and Urban Development (HUD) will be providing immediate relief to renters and homeowners by suspending all foreclosures and evictions until the end of April.” Following the president’s announcement, HUD released the details of its Foreclosure and Eviction Moratorium for single-family homeowners with FHA-insured mortgages. Specifically, HUD clarified that it would be halting foreclosure actions and evictions for the next 60 days, including all new foreclosure filings, all current foreclosures in process and all evictions of persons from FHA-insured single-family properties. HUD’s press release is available here. The Mortgagee Letter is also available here.

Shortly after the HUD Foreclosure and Eviction Moratorium was announced, the Federal Housing Finance Agency (FHFA) said it's ordering Fannie Mae and Freddie Mac to suspend foreclosures and evictions for at least 60 days. The FHFA suspension will impact homeowners with a single-family mortgage-backed by either Fannie Mae or Freddie Mac. The FHFA press release is available here.