Some federal foreclosure and eviction moratoriums are being extended through the end of this year. The intent is to keep homeowners and renters in their homes that have fallen victim to the financial crisis resulting from the coronavirus pandemic. Only Fannie or Freddie backed, single-family mortgages are affected by this freeze.
The hold on evictions applies only to homes owned by Fannie or Freddie and does not apply to tenants in homes that have not been foreclosed. As of now, tenants who are not paying their rent because of the pandemic-created hardship, can’t be evicted until September 1, 2020. This, of course, is subject to change.
The moratorium extension doesn’t relieve the homeowner of responsibility for their mortgage however, many people are sure to take advantage of this. Once the moratorium is lifted, you can bet things will move VERY QUICKLY and there will be a backlog of Pre-Foreclosures reminiscent of the 2009 Housing Crisis.