There is a lot to unpack from the new Federal relief bill passed and signed on Sunday, December 27, 2020 (not to be confused with the regular Federal budget bill passed). Several of the national lending agencies covering mortgage loans also recently made extensions of loan program deadlines. The below does not cover every housing program that is changing or has additional funding – just those that directly impact many individual families (rather than service providers and governments first). There is a good likelihood that the below deadlines will be extended further at the end of January, 2021. We’ll keep you posted. Here is a summary:
- $25 billion for Emergency Rental Assistance ($200 million for Maine) – this will likely go through each state and take time to get going in early 2021.
- The CDC rental eviction moratorium is extended to January 31, 2021.
All direct government agencies, FHA/HUD, VA, and USDA have extended their deadlines to February, 28, but the quasi-governmental agencies, FNMA and Freddie Mac are a bit more nuanced. Figure out who your servicer is and give them a call to find out. You can find more at this CFPB brief from 12/23.20.
- FHA Loan foreclosure (and rental) eviction moratorium is extended through February 28, 2021.
- FHA forbearance/deferral requests are extended to February 28, 2021 as well.
- Fannie Mae/FNMA and Freddie Mac (under FHFA)
- FannieMae/Freddie Mac have extended the foreclosure (and eviction) moratorium to January 31, 2021.
- They did not extend the forbearance/deferral request period, but there is no official deadline – so requests can still be made.
- USDA’s loan foreclosure (and eviction) moratorium is extended to February 28, 2021.
- USDA’s loan forbearance/deferral request deadline is extended to February 28, 2021.
- VA’s loan foreclosure moratorium is extended to February 28, 2021.
- VA’s loan forbearance/deferral request deadline is February 28, 2021 (Update) 31.