FHA Loans: No Foreclosures or Evictions for 60 Days
WASHINGTON – U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson authorized the Federal Housing Administration (FHA) to implement an immediate foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages for the next 60 days.
“Today’s actions will allow households who have an FHA-insured mortgage to meet the challenges of COVID-19 without fear of losing their homes, and help steady market concerns,” says Carson. “The halting of all foreclosure actions and evictions for the next 60 days will provide homeowners with some peace of mind during these trying times.”
The guidance applies to homeowners with FHA-insured Title II Single Family forward and Home Equity Conversion (reverse) mortgages. Carson says it:
- Halts all new foreclosure actions and suspends all foreclosure actions currently in process
- Ceases all evictions of persons from FHA-insured single-family properties
“This is an uncertain time for many Americans, particularly those who could experience a loss of income. As such, we want to provide FHA borrower households with some immediate relief given the current circumstances,” says Federal Housing Commissioner Brian Montgomery. “Our actions today make it clear where the priority needs to be.”
FHA has developed and maintains a Q&A document to provide stakeholders with the latest information about FHA’s response to the Presidentially-declared COVID-19 national emergency. An updated version of the FHA Single Family COVID-19 Q&A is now posted.
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