Holvey says it’s hard to anticipate what that would mean for homeowners in the meantime. At Greenfield Savings Bank, about 20% of mortgage customers are in deferral, said President John H. Howland. All rights reserved (About Us). The Federal Housing Finance Agency recently extended the moratorium on some evictions and single-family foreclosures through December 31, 2020. In June, he had announced evictions and foreclosures for … Steph Solis of MassLive contributed to this report. Need exclusive stories only we can tell? Yet, protections do not apply to private mortgages or properties that are owned outright. “Again, our main goal is to keep people in their homes,” she said. Florida Gov. The judgment in any foreclosure action in which the court set a redemption period to expire during April or May 2020 is amended to set the expiration date for June 2, 2020. The moratorium on foreclosures applies to the more than 28 million homeowners with enterprise-backed mortgages — aka mortgages backed by Fannie Mae or Freddie Mac. “I think every bank has cases that they are going to start,” she said. DeSantis first issued a moratorium April 2 and extended it five times, sometimes waiting until a few hours before the deadline. More than 3.8 million homeowners were in forbearance as of April, which can be requested for up to a year (in six-month increments). Get great ideas about how to build your savings delivered straight to your inbox in The Penny Hoarder Daily. For example, if you were scheduled to have paid off your mortgage by November 2025 and you receive a 12-month forbearance, you’ll extend mortgage payments until November 2026. But they won't be in place forever. Instead, you may be able to add up to 12 months of missed payments to the end of your loan term. For homeowners in COVID-19-related forbearance, servicers can also offer the option to defer missed payments until they sell or refinance their homes or reach the end of their loans. Note to readers: if you purchase something through one of our affiliate links we may earn a commission. California’s suspension of foreclosure actions remains in effect until 90 days after the pandemic emergency is lifted or the judicial authorities otherwise suspend the rules. But if there’s any chance you’ll be moving or refinancing soon, you might want to consider other options, as the bigger bill will arrive at that point. Low interest rates also mean that some customers who knew they’d need flexibility have been able to refinance at a lower rate and lower their payments, DeLoria said. The current moratoriums were set to expire on August 31, 2020. If you’re able to pay your mortgage, continue to do so. “There are forbearance rights built into every mortgage both at the state and federal level, and it was our thought that we really needed to aid renters directly with dollars, and folks that had issues with mortgages would have their forbearance rights in place,” he said at a Boston press conference. Civil trials, trial management conferences, pretrial and status conferences, and mediations cancel… 3 Ways to Protect a Credit Card You Aren’t Using, How to Navigate the Tricky Business of Lending Money to Family. For Florence Bank customers who deferred payments due to COVID-19, DeLoria said the bank has been successful about getting them back on a payment plan that makes up the missing payments over time. “I think we have been very lucky in the sense that we have been able to work with our customers and set up a number of options for payment plans at this time,” said Barbara-Jean DeLoria, senior vice president and chief credit risk officer at Florence Bank. The Federal Housing Finance Agency extended its moratorium on foreclosures and evictions for borrowers with mortgages backed by Fannie … The execution of ejectment judgments is stayed through March 27, 2020. All are measures meant to soften the blow and guide households through COVID-19. Fannie Mae and Freddie Mac are extending their moratorium on foreclosures on single-family mortgages until Dec. 31, 2020. 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