As of 12/23/20, federal agencies have issued the following updates and extensions regarding COVID-19 relief for borrowers with single family and multifamily mortgages:
Fannie Mae and Freddie Mac:
Single family foreclosure moratorium (with very limited post-foreclosure eviction moratorium for properties owned by Fannie Mae or Freddie Mac) extended through January 31, 2021.
Multifamily forbearances with previously issued tenant protections will remain available through at least March 31, 2021.
Single family foreclosure moratorium with post-foreclosure eviction moratorium extended through February 28, 2021.
Deadline to request a COVID-19 forbearance extended to February 28, 2021.
Single family foreclosure moratorium and post-foreclosure eviction moratorium for guaranteed and direct loans extended through February 28, 2021.
No further extension of foreclosure moratorium announced. Current expiration date is December 31, 2020.
How to Know What Type of Mortgage You Have
- Fannie Mae and Freddie Mac have easy loan look-up websites to determine if they own a mortgage. See https://ww3.freddiemac.com/loanlookup/ and https://www.knowyouroptions.com/loanlookup#.
- To determine if a loan is FHA-insured, look for an FHA case number on the mortgage document, specific language in the mortgage and note forms, or through the payment of an FHA premium on the mortgage statement. In some cases, unfortunately, loans may have been stripped of their FHA-insured status; call HUD’s National Servicing Center at 877-622-8525 if there are questions.
- A VA-guaranteed loan also has specific language in the note and mortgage identifying it as a VA loan, and there are fees paid to the VA noted in closing documents.
- While a borrower with a mortgage directly extended by the RHS will be very familiar with the agency, homeowners with privately serviced RHS-guaranteed loans often do not know the loan’s status. If an RHS-guaranteed loan is suspected, directly ask the servicer to review the homeowners’ closing documents.
If you are a tenant (renter), find more information here.
If you are facing foreclosure, you can call Legal Services Alabama at 1-866-456-4995 for legal help or apply online HERE.