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Moratoria Extension

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Question: 
Has the expiration of the foreclosure moratoria been extended?
Answer: 

Yes, generally the moratoria on foreclosures have been extended. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was signed into law on March 27, 2020, provided up to 360 days of forbearance for mortgage borrowers with federally backed mortgages who request forbearance from their servicer and attested to a financial hardship during the COVID-19 emergency. In addition, in February 2021, the Federal Housing Finance Agency (FHFA), Federal Housing Administration (FHA), Department of Veterans Affairs (VA), or Department of Agriculture (USDA) announced that they were expanding their forbearance programs beyond the minimum required by the CARES Act for a maximum of up to 18 months of forbearance for borrowers who requested additional forbearance by a date certain. Through its mortgage market monitoring, the CFPB understands that servicers of mortgage loans that are not federally backed may be offering similar forbearance programs to borrowers. In addition, FHFA, FHA, USDA, and VA extended Federal foreclosure moratoria until June 30, 2021.

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First published on 05/02/2021

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