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Last updated on February 2nd, 2021 at 04:09 pm
The Federal Government CARES Act and various cities and banks are offering relief measures to the borrowers.
Earlier the eviction moratorium and Federal foreclosure were supposed to expire on the 30th of June, now a pass has been made by Freddie Mac and Fannie Mae to extend the eviction moratorium and foreclosures on single-family homes till 31st August with the aim of helping homeowners and renters who are financially unstable due to the impact of Novel COVID-19 pandemic.
According to the director of The Federal Housing Finance Agency Mark Calabria statement “During this national health emergency, no one should worry about losing their home,”
This step taken by the Federal Housing Administration to extend its eviction moratorium and foreclosure is the 2nd extension for the program which began in March for a 60 days moratorium.
Has helped people to not worry about losing their home and instead work to economically recover themselves and come out of the financial impact they faced as a result of coronavirus.
CARES Act in the month of March has enabled reduced or stop payment facility for borrowers who have federally backed loans, also some non-government backed or private loans also have similar relaxation.
Lawmakers on the Senate Banking Committee had pressured FHFA Director Mark Calabria as well as HUD Secretary Ben Carson last week to extend the moratorium, expressing concern about an impending “housing cliff” when several CARES Act provisions — including enhanced unemployment benefits — are set to run out last month.
In fact, Mark Calabria was expecting his team to push the moratorium only by 1 month. He said,
“I don’t think we’d want it to be any more than two months just because we can always extend it again, as we start to see how the economy evolves, so my preference here is to give people enough certainty without necessarily locking us in.”
