The Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac (the Enterprises) to suspend foreclosures and evictions for at least 60 days due to the coronavirus national emergency. The foreclosure and eviction suspension applies to homeowners with an Enterprise-backed single-family mortgage. Homeowners with federally backed mortgage loans affected by COVID-19 can also request and obtain forbearance from mortgage payments for up to 180 days, and then request and obtain additional forbearance for up to another 180 days.
Additionally, Per Executive Order no. 106 signed by Governor Phil Murphy, the County Sheriff’s Offices should not be proceeding with any Sheriff Sales or evictions at this time. This order provides no end date except to say that it shall end 60 days after the declared State of Emergency, or the current Public Health Emergency, shall cease, whichever is earlier. According to the bill, lenders are still able to pursue foreclosure during this time, but will not be able to carry out a sheriff sale or evict tenants until the order is lifted. However, there is an agreement with several lenders to offer a 90 grace period for anyone struggling as a result of the Pandemic.
Here are some helpful resources to find out if your loan has been protected:
- Find Out if Your Loan is Owned by Fannie Mae Here
- Find Out if Your Loan is Owned by Freddie Mac Here
- To Find Out if you have a VA-guaranteed loan, there is specific language in the note and mortgage identifying it as a VA loan, and there are fees paid to the VA.
- Find Out If Your Loan Is Backed By The Federal Housing Authority (FHA) By Calling:
- 1-800-CALL-FHA (800-225-5342) or HUD’s National Servicing Center at 877-622-8525
- You can also try calling your lender to ask if your mortgage loan is “enterprise backed.”
Federal Suspension of Foreclosures
The National Consumer Law Center has also provided links to Foreclosure Moratoriums and Suspensions by the Major Mortgage Investors:
Need Assistance With New Jersey Mortgage Issues Due to the Coronavirus?
If you want attorney representation, contact Ira J. Metrick, Esq. today to:
- Conduct the lookups to see if your loan is federally owned or backed ($250);
- Prepare a Request for Information for your mortgage servicer to confirm the loan is on hold and ask for a Forbearance ($250); or
- Provide letters of representation to your mortgage company and the Court and receive, forward and explain all future notices ($750).
In addition, if you use any of our services, we will credit $250 towards any additional representation for you, your friends or family, if they retain us to make an application for any modification. Ira J. Metrick can be reached at [email protected] or 732-462-7000.