In response to COVID-19, President Trump issued an order on March 18, 2020, suspending foreclosures and evictions on all loans insured by the Federal Housing Administration (FHA). The suspension will last at least until the end of April 2020.
Following President Trump’s order, the federal Department of Housing and Urban Development (HUD) announced a 60-day moratorium on all foreclosures and evictions for single-family homeowners with FHA-insured mortgages. Similarly, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will suspend foreclosures and evictions for the next 60 days.
Certain state and local governments are already suspending foreclosures and evictions in response to COVID-19. We anticipate that more state and local governments will follow.
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