Number of the Day Shows Foreclosures Put Off One Month
Our take on the most relevant or interesting figure in personal finance today
That’s how many days were just added to a foreclosure moratorium protecting homeowners who have federally-backed mortgages.
The moratorium, originally set to expire on Dec. 31, was extended this week through at least Jan. 31, the Federal Housing Financing Agency (FHFA) announced Wednesday. It applies to more than 28 million homeowners with a mortgage backed by Fannie Mae and Freddie Mac, shielding homeowners from foreclosure and related evictions.
“Extending Fannie Mae and Freddie Mac's foreclosure and eviction moratoriums through January 2021 keeps borrowers safe during the pandemic," FHFA Director Mark Calabria said in a press release.
The moratorium is separate from a pandemic CARES Act provision giving homeowners with federally-backed mortgages the option to suspend payments for up to 360 days. For homeowners who applied for this forbearance as soon as it became available, mortgage payments will resume in March or April of next year.