Foreclosures Tag Archives

Massachusetts Signs Eviction & Foreclosure Bill

In response to the ongoing COVID-19 outbreak, Massachusetts Governor Charlie Baker (R) signed the eviction and foreclosure moratorium bill (H.4647). The law temporarily halts all stages of most evictions. For homeowners, the law temporarily stops foreclosures and requires lenders to offer mortgage forbearance for those affected by COVID-19. This bill, however, does not cancel missed rent and mortgage payments.

Fannie Mae Updates Forbearance Process Guidance

Fannie Mae released updated COVID-19 Forbearance Process Guidance following the enactment of the Coronavirus Aid, Relief and Economic Security Act (CARES Act). The guidance outlines the necessary steps for submitting delegated forbearance notifications for a Borrower impacted by COVID-19. Fannie Mae is also updating the intake process for submitting non-delegated forbearance requests and modifications. Effective immediately, all non-delegated forbearances and modifications must be received through the MAMP.

Fannie Mae adjusted the eviction suspension requirements to align with the eviction moratoriums in the CARES Act. Borrowers will need to follow any additional moratoriums imposed by local, state or federal entities with jurisdiction over the applicable property, but Fannie Mae is no longer imposing a separate eviction suspension after the end of the forbearance period granted by Fannie Mae.

Urban Institute: CARES Eviction Moratorium, Protections for Vulnerable Renters

The Urban Institute recently published two blogs: The CARES Act Eviction Moratorium Covers All Federally Financed Rentals—That’s One in Four US Rental Units and We Must Act Quickly to Protect Millions of Vulnerable Renters. Urban estimates that eviction moratoria covering federally financed properties will apply to roughly 12.3 million (28 percent) of the 43.8 million U.S. rental units. In the second blog, Urban calls for government funds to provide rental assistance that provides direct and immediate relief to both renters and landlords.