Homeowners and renters catch a break: Evictions and foreclosures are on pause for another two months
Source: CNN
By Anna Bahney, CNN Business
Updated 3:23 PM ET, Wed June 17, 2020
CNN)In an effort to keep homeowners and renters in their homes as they navigate the economic fallout of the coronavirus pandemic, federal foreclosure and eviction moratoriums are being extended for two more months.
Freddie Mac and Fannie Mae will extend the moratorium on foreclosures and evictions on single-family homes until August 31. The protections were originally set to expire on June 30.
In addition, the US Department of Housing and Urban Development will extend Federal Housing Administration loan forgiveness for homeowners with FHA-insured single-family mortgages until the end of August. The program was put in place in March with a 60-day moratorium and was later 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 financial footing," said Ben Carson, the Secretary of HUD. "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 financial impacts of Covid-19."
Read more: https://www.cnn.com/2020/06/17/success/fha-eviction-and-foreclosure-moratorium-extended/index.html?utm_content=2020-06-18T02%3A01%3A03&utm_source=twbusiness&utm_medium=social&utm_term=link
Newest Reality
(12,712 posts)You had to throw in some trumpian propaganda as per your boss's mandatory shtick, huh?
"While the economic recovery is already underway..." And the joke of "work to recover" is not funny or realistic for obvious reasons, but Ben of Oblivion seems to be running on even less brain cells than when he got in over his head at HUD. One of Trump's, "I picked you because you are not quailified for this position at all and might even have intense hatred for the agency, enough to totally destroy it." people.
Ah, by the time this snort moratorium period ends, the problem will still be there, only worse and that goes well into next year. Worthless Carson is worthless.
This recovery nonsense is the same as the COVID-19 denial. It is an attempt to ignore the fact that more has to be done now and continually in order for this to not turn into massive homelessness, etc. There is no bright recovery star on the near horizon. It is more like a black hole sucking us in and we need to try to steer away from it. The momentum is already here.
progree
(10,864 posts)to eventually do anyway.
and then pull the plug if Biden wins.
1. Until the election, red don's stooges desperately want to minimize the damage in hopes of lulling 'Muricans into not realizing how badly he screwed things up.
2. If Biden wins, just as desperately will they tank everything and leave Dems holding the bag.
swag
(26,480 posts)brush
(53,475 posts)Last edited Thu Jun 18, 2020, 02:42 PM - Edit history (1)
mortgage payments? They still won't have that money. What then? Foreclosures and evictions then?
Two months before the election, and with a projected 200,000 covid deaths by then, what a mess.
trump's ass is cooked.
MichMan
(11,790 posts)Some of the renters may just move
Igel
(35,197 posts)Not due in a balloon payment. That's just the federal ones.
Rent's up to what's worked out between landlord and renter. Sometimes one's challenging and a problem, sometimes the other. Symbiosis is the word we want here.