COVID-19 Mortgage Relief Policies: Foreclosure and Forbearance

It has been a financial challenging year for many Americans, and with that a lot of effort has been expended trying to keep people in their homes by halting foreclosures and evictions. This is the latest update regarding COVID-19 mortgage relief:

·        If your home was in foreclosure prior to the onset of the COVID-19 pandemic, there has been a moratorium that keeps the foreclosure process from continuing. Currently there is a foreclosure moratorium on federally guaranteed mortgages through June 30, 2021 meaning homeowners are protected from the initiation or continuation of foreclosure proceedings. These mortgages make up about two-thirds of resident mortgage loans across the nation.

·        If the house you are living in foreclosed before the Pandemic and became a Bank owned property (REO), you cannot be evicted until after June 30, 2021.

·        The mortgage payment forbearance enrollment window was also extended through June 30, 2021. Payment forbearance allows homeowners to pause or reduce their mortgage payments for a certain period of time. Borrowers who enter into forbearance on or before June 30, 2021 will receive up to six months of mortgage payment forbearance.

·        For mortgages backed by Fannie Mae and Freddie Mac; you may be eligible for an additional three months of forbearance. This could allow up to 18 months of forbearance time in total. To qualify for the extension, you must have been in a forbearance as of February 28, 2021. Other limits may apply. The COVID-19 Payment Deferral allows borrowers to repay the missed payments at the time the house is sold, refinanced, or the when the loan matures.

 What to do if you are having difficulty managing your mortgage?  

Continue to communicate with your lender and check your Lender/Servicer’s website for updates and information. Most sites contain content explaining options if you are struggling with mortgage payments at this time. If you still have questions or concerns, Schedule a counseling session with CCCS of Buffalo or your local HUD-Certified Housing Counselor to help you navigate during this difficult time. 

For up-to-date information visit:


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