Some good news for homeowners facing possible foreclosure and eviction. The moratoriums on single-family foreclosures and evictions for certain federally-backed mortgages have been extended until the end of December.
The Federal Housing Finance Authority says the extensions will benefit 28 million homeowners. Funding for the extensions comes from the CARES Act.
Originally both forclosure and eviction moratoriums were expected to expire on August 31st.
While the current extension will act as a temporary reprieve for those with single-family housing, the FHFA said it is monitoring the situation if additional action is needed.
The FHFA projects more additional expenses due to the existing COVID-19 foreclosure moratorium.
There is still no word on if an extension will be given to renters.
