Today, the Department of Housing and Urban Development (HUD) suspended all foreclosures and eviction actions on mortgages insured by the Federal Housing Administration (FHA) for the next 60 days. The FHA provides over $1.3 trillion in mortgage insurance, project-based rental assistance, and housing assistance for senior citizens.
This matches Wednesday’s announcement by the Federal Housing Finance Agency (FHFA), that Fannie Mae and Freddie Mac will also suspend all foreclosures and evictions for the next 60 days.
These two actions will ensure that roughly 85% of single-family homeowners in Nevada can remain in their homes as they deal with the situation surrounding COVID-19.
“Recent decisions at the federal-level will give homeowners the peace of mind that no matter what happens with their economic situation over the next two months, they can stay in their homes,” said Nevada State Treasurer Zach Conine.
“We are hopeful that landlords will use this temporary relief provided by the federal government to give their tenants flexibility to delay rent payments in the event that they are furloughed or laid off because of the impact of COVID-19.”
Homeowners can find out if Fannie Mae or Freddie Mac owns their respective home loans by calling or going online.
- Fannie Mae loans can be searched by calling 1-800-2FANNIE or by visiting https://www.knowyouroptions.com/loanlookup.
- Freddie Mac loans can be searched by calling 1-800-FREDDIE or by visiting FreddieMac.com/mymortgage.
Homeowners can also contact their lenders directly to learn how their mortgages will be impacted over the next 60 days.