Update 3/30
The Coronavirus Aid, Relief and Economic Security (CARES) Act has been signed by President Trump on March 27


The Coronavirus Aid, Relief and Economic Security (CARES) Act 
Details have emerged on the $2 trillion dollar aid package passed this week by Senate as it pertains to housing.
As provided in a recent article in Forbes;

  • Except for vacant or abandoned properties, lenders of mortgages backed by federal agencies (such as the USDA, FHA), Freddie Mac or Fannie Mae may not execute foreclosures—or foreclosure-related evictions—for 60 days starting March 18.
  • Regardless of their delinquency status, owners of 1-4 unit residenciesmay request payment forbearance from their loan providers, given that they prove COVID-19-induced financial hardship.
    • Forbearance may be granted for up to 180 days, a period that could be subsequently doubled.
    • During this time, mortgage servicers are not to levy fees, penalties or interest that would not normally accrue if borrowers paid their monthly obligations.
  • Owners of multifamily properties, who were current on their loan payments as of 2/1/2020, may seek forbearance by submitting oral or written requests to their lenders.
    • Initial forbearance period is to span 30 days.
    • Possibility of two additional 30-day extensions.
    • Throughout the forbearance,landlords cannot evict tenants for nonpayment of rent or charge late fees and should suspend the issuance of new eviction notices and provide a month to residents already with such notifications to vacate their units.

To view the article in its entirety, please click here.

Payment Deferrals 
Fannie Mae has updated their Lender Letter LL-2020-02 to require that a borrower be evaluated for payment deferral prior to other mortgage loan modifications.
To view the updated Lender Letter, please click here.

Freddie Mac has issued Bulletin 2020-6 announcing the Freddie Mac Payment Deferral, “a loss mitigation solution for borrowers who became delinquent due to a short-term hardship that has since been resolved”
To view the Bulletin, please click here.

Blight Related 
Freddie Mac has issued Bulletin 2020-7. Included is the notification to (loan) “servicers that if they are unable to complete any required inspection or adhere to any property preservation requirement as a result of the COVID-19 pandemic, that they must document the reason..and Freddie Mac will consider them to be in compliance.”
To view the Bulletin, please click here.

Fannie Mae has similar language in Lender Letter LL-2020-02

(MuniReg observation) At this juncture, it is too early to know if there will be a dramatic decrease in maintenance of zombie foreclosures/abandoned properties. There are several factors on both sides of the equation. For additional information, please email [email protected])

Mortgage Forbearance 
As mentioned by California Governor Newsom, several large banks have announced the opportunity for temporary suspensions of residential mortgage payments for people affected by the coronavirus in California.
Please see the following links for the respective banks that have made announcements on the national level.
Arizona Governor Doug Ducey announced a cooperative agreement with the state’s banks to protect small businesses and families from eviction and foreclosure.



Amerifirst Mortgage (“If you’ve suffered a financial impact due to the COVID-19 Coronavirus, you may be eligible for a forbearance plan.”) Updated 3/31
Bank of America (clients can request to defer payments, with payments added to the end of the loan.)
BBVA  (“If you were impacted by Coronavirus (COVID-19), we want to work with you to minimize your financial hardship.”) Updated 3/31
Key Bank  (KeyBank will offer a payment deferral for up to 90 days upon request.) Updated 3/30
Planet Home Lending (“You may qualify for a 90-day forbearance plan, which means you will not have to pay your mortgage during this time frame. Please note this a temporary suspension of your payments.) Updated 3/31
Umpqua Bank (“If you have experienced loss of income due to COVID-19, you are eligible for forbearance.”) Updated 3/31
USBank (“we are offering a payment forbearance up to 90 days with no late fees”)
Wells Fargo  Not forbearance – suspended residential property foreclosure sales, evictions and involuntary auto repossessions.

FHFA has created a dedicated webpage of all FHFA/Fannie Mae/Freddie Mac Coronavirus Assistance Information.
Recent addition includes offering to multifamily property owners mortgage forbearance with the condition that they suspend all evictions for renters unable to pay rent due to the impact of coronavirus.

To access the website, please click here.

The Consumer Financial Protection Bureau has created a webpage dedicated to helping consumers take steps to protect their finances during the COVID-19 pandemic, specifically;

  • Protect yourself financially.
  • Consumer complaints.
  • Protecting your credit during the coronavirus pandemic.
  • Dealing with debt.
  • Tips for financial caregivers – We have resources for financial caregivers helping people who cannot manage their money or property themselves during the coronavirus pandemic.

To view the webpage, please click on following link:
Protecting your finances during the Coronavirus Pandemic

Media Articles 

Rent Deferral Programs 
Several statewide apartment/landlord organizations are advocating for rent deferral programs for renters trying to cope with the economic impacts of COVID-19.



Update 3/18

Please see below (the original post) for updates to state/local eviction moratoriums including a matrix of close to 40 independent local jurisdictions with a restriction/moratorium in place along with he VA announcement.

Additionally, HUD, Fannie Mae & Freddie Mac, have all issued a moratorium on Foreclosures and Evictions.
Please see following links;

FHFA Press Release (The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks)

HUD Mortgagee Letter

Update 3/17

Please see below articles discussing the potential spike in mortgage delinquencies.
Additionally, besides for local moratoriums on evictions one Michigan County is placing a moratorium on tax foreclosures.

Chief mortgage regulator working on plan for potential spike in delinquencies from coronavirus

“Fannie Mae and Freddie Mac already have loan forbearance programs in place, often implemented during natural disasters, but the current situation is neither local nor momentary.

“We’re on the front end of this. We don’t know,” said Mark Calabria, Director of the Federal Housing Finance Agency (FHFA) which currently oversees Fannie Mae and Freddie Mac under government conservatorship. “If this goes more past the summer, certainly it’s going to call for a different set of responses.”

National Mortgage News:
FHA braces for virus, warns of potential bottlenecks as demand grows

“Servicing complications are likely to surface in the longer-term as the industry adjusts to an influx of distressed mortgages after a long period in which volumes were low.

For now, the GSEs and FHA are advising lenders to exercise forbearance options, state and local authorities on a case-by-case basis have been imposing moratoria on evictions and foreclosures, and housing advocates are pushing for a national policy.”

Trump Considers Letting Homeowners Delay Mortgage Payments

The Trump administration is considering a plan to allow homeowners whose income was cut by the coronavirus to delay mortgage payments.

“This is so big,” Fratantoni said. “We’re thinking of the potential of several months of payments for a lot of homeowners.”



Information to Provide to Constituents

Mortgage Relief

The primary “Investors/Insurers” have issued guidance to loan servicers (banks) on possible forbearance for homeowners who are experiencing financial hardships as a result of Coronavirus disease (COVID-19). Additionally the OCC has issued guidance addressing mortgages and banking/

Please see the following links:

General Guidance for Natural Disasters (provides general insight into policies and procedures regarding assisting homeowners with foreclosure avoidance

Avoiding Scams – Housing Counseling

Calling a loan servicer directly to discuss forebearnce options can generally be done without assistance (ensure you receive written confirmation of any agreement), however any discussions regarding loan modifications should be done with assistance.
HUD provides counseling assistance at no-cost.
Beware of scams offering to assist in reducing loan payments, avoiding foreclosure etc that charge a fee!!

For information on HUD Counseling Agencies including how to locate the nearest office, please see following link https://www.hud.gov/i_want_to/talk_to_a_housing_counselor

Additionally you can contact http://www.hopenow.com/about-us.php – HOPENOW also has additional information of value including this from the Dept/ of Labor http://www.hopenow.com/pdf/DUA_Pamphlet_0414.pdf

Tenant Protections  Updated 3/18
This information is strictly for informational purposes. The moratoriums may differ in its components including its applications and length of the respective moratoriums etc.

Several states and/or State Courts have implemented various restrictions/moratoriums on evictions.

California Updated 3/30
Nevada Updated 3/30
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota 
Rhode Island
South Carolina
Washington DC
Wisconsin  Updated 3/30

Additionally we are currently tracking over 70 independent local jurisdictions with their own restrictions/moratoriums check out our full list here.
(New spreadsheet will be available shortly. Please email [email protected] for the most recent copy)

Related Media Articles:

3/15/20 American Banker “Calls mount for U.S. to halt foreclosures, evictions amid health crisis”  

3/13/20 Forbes “Mortgage Relief Options Are Available To Homeowners Affected By Coronavirus Safety Measures”

Information for Local Governments

There is additional information that is relevant to local government from these entities (specifically HUD) including eligible usage of CDBG funds (click here)