April 18, 2021

Volume XI, Number 108

Advertisement

April 16, 2021

Subscribe to Latest Legal News and Analysis

Biden Administration Announces Extension of Foreclosure Moratoriums and Forbearance Options

In the wake of the early months of COVID-19, the Federal Housing Finance Agency (FHFA) and the U.S. Department of Housing and Urban Development (HUD) instituted a foreclosure and eviction moratorium on Fannie Mae and Freddie Mac single-family foreclosures and real estate owned evictions.  Additionally, the FHFA offered COVID-related forbearances in order to defer mortgage payments.  After multiple extensions, these COVID-relief options were set to expire in March of 2021.

However, on February 16, 2021, the Biden Administration released a statement providing that HUD, the Department of Veteran Affairs (VA), and the Department of Agriculture (DOA) will coordinate to extend and expand the previously instituted COVID forbearance and foreclosure moratorium.

Now, the foreclosure moratorium will be extended through June 30, 2021; borrowers may enroll in a forbearance until June 30, 2021; and up to six (6) months of additional mortgage payment forbearance, in three-month increments, will be provided to borrowers who entered into a forbearance before June 30, 2020.

While the White House’s statement and release discusses statistics on renters being behind on rent, the relief announced does not seem to provide for an extension of the eviction moratorium, which concludes on March 31, 2021. 

Resources for both homeowners and renters are now provided on the Consumer Finance Protection Bureau’s website at www.consumerfinance.gov/housing.

Advertisement
Copyright ©2021 Nelson Mullins Riley & Scarborough LLPNational Law Review, Volume XI, Number 57
Advertisement
Advertisement

TRENDING LEGAL ANALYSIS

Advertisement
Advertisement

About this Author

Randall L. Saunders Financing Attorney Nelson Mullins Huntington
Partner

In addition to chairing the tax lien and litigation group at Nelson Mullins, his practice focuses on banking, financial services, business, taxation, and real estate matters. He routinely handles litigation, administrative, and transactional matters. While his practice originates in the heart of Appalachia, he routinely handles matters in jurisdictions across the country. Mr. Saunders also currently serves as the firm's Pro Bono chair.

304-526-3507
Megan Ware-Fitzgerald Litigation Attorney Nelson Mullins Riley & Scarborough Huntington, WV
Attorney

Megan Ware-Fitzgerald is a member of the litigation team and focuses her practice on commercial litigation, financial services litigation and tax lien resolution.

Experience

Following is a selected sampling of matters and is provided for informational purposes only. Past success does not indicate the likelihood of success in any future matter.

304-526-3511
Advertisement
Advertisement