LIEB BLOG

Legal Analysts

Showing posts with label COVID19. Show all posts
Showing posts with label COVID19. Show all posts

Thursday, March 19, 2020

60-Day Moratorium on Foreclosures and Evictions for FHA, Fannie Mae, and Freddie Mac Mortgages

On March 18, 2020, the U.S. Department of Housing and Urban Development (HUD) authorized the Federal Housing Administration (FHA) to implement a 60-day moratorium on foreclosures and evictions for single family homeowners with FHA-backed mortgages. Similarly, the Federal Housing Finance Agency (FHFA) also directed Fannie Mae and Freddie Mac to suspend foreclosures and evictions for single family mortgages for at least 60 days. These moratoriums were intended to curb the effects of the coronavirus (COVID-19) on homeowners and in connection with the proclamation of the COVID-19 outbreak as a national emergency.

The 60-day moratorium for FHA, Fannie Mae, and Freddie Mac mortgages took effect on March 18, 2020. For FHA mortgages, the moratorium applies to all FHA Title II Single Family forward and Home Equity Conversion Mortgage (reverse) mortgage programs and covers the initiation of foreclosures up to completion of foreclosures in process. Evictions from properties secured by FHA, Fannie Mae and Freddie Mac single family mortgages are also on hold for 60 days.

In addition to HUD and FHFA moratoriums, all evictions and foreclosures are indefinitely suspended in the counties of Nassau County and Suffolk County.

Wednesday, March 18, 2020

Nassau and Suffolk County Evictions and Foreclosure Auctions on Hold

Effective 5:00 pm on March 16, 2020, no eviction orders shall be signed and no foreclosure auctions shall be held in all Nassau and Suffolk Courts. The hold is in effect until rescinded and it is in accordance with the protocol put into place by the Chief Administrative Judge of New York State Courts due to COVID-19.

You can see the Nassau County Administrative Order here and the Suffolk County Administrative Order here.