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Fannie/Freddie Extend Foreclosure Relief to Year's End
Friday, August 28, 2020
Both government sponsored enterprises (GSEs) have
announced that their nationwide suspension of single-family foreclosures and
evictions has been extended through the end of the year. The suspension, one of
several relief options Fannie Mae and Freddie Mac originally announced in March
when the COVID-19 national emergency was invoked, has been extended on short
term basis and was most recently set to expire on August 31. In addition to the suspension, the two companies
continue to allow Their loan servicers to provide up to 12 months forbearance
to households financially impacted by the coronavirus and to waive assessments
of penalties or late fees. Loan modifications will be available to borrowers at
the end of the forbearance period and the companies have provided a menu of
options for borrowers to bring their loans current including deferring any payback
until the loan is paid off, refinanced, or the home is sold.
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