Evictions, foreclosures halted for additional two months

Federal foreclosure and eviction moratoriums set to expire at the end of June have been extended two months, a move aimed at helping homeowners and renters struggling financially because of the coronavirus pandemic.

Freddie Mac and Fannie Mae will extend the moratorium on foreclosures and evictions on single- family homes until at least Aug, 31, the Federal Housing Finance Agency said Wednesday. The protections were scheduled to expire June 30.

“During this national health emergency, no one should worry about losing their home,” Mark Calabria, director of the Federal Housing Finance Agency, said in a statement.

The Department of Housing and Urban Development said Wednesday that the Federal Housing Administration will extend its foreclosure and eviction moratorium through Aug. 31. This marked the second extension for the program after it began in March with a 60- day moratorium. It was extended until the end of June.

“While the economic recovery is already underway, many American families still need more time and assistance to regain their financial footing,” Ben Carson, secretary of HUD, said in a statement. “Our foreclosure and eviction extension means that these families will not have to worry about losing their home as they work to recover from the financial impacts of COVID- 19.”

Borrowers with federally backed loans can pause or reduce payments for up to a year because of the Coronavirus Aid, Relief and Economic Security Act passed in March. Some loan servicers may have forbearance or deferment options for non- government- backed or private loans.