The Covid-19 crisis continues to ravage the economy with over 36 million people filing for unemployment benefits.
There is a glimmer of hope as states are re-opening gradually. Our governer announced the end of the stay at home order as of May 15, 2020, and replaced it with safer at home.
The housing authorities realize that a lot of people are hurting right now and it would be an insult to injury to start or move forward with a foreclosure or even worse an eviction.
The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) are extending their moratorium on foreclosures and evictions until at least June 30, 2020.
This gives families reprieve at least for the time that most states are gradually building up to a full re-opening of the economy.
My sense is that this moratorium may have to extend the way in the fall if not the end of 2020 as the unemployment figures go higher.
In addition, if the economy does not quickly start going up there will be pressure to keep people in their homes if at all possible.
Finally, do not forget to contact your lender about any forbearance or other loss mitigation options being offered to give you as much time as you need to get back on your feet.
