Consumer Protections for Foreclosures & Evictions Announced
National Consumer Law Center (NCLC) has the most recent and updated developments on actions taken by both federal and state agencies to aid consumers and homeowners in response to COVID-19. See https://library.nclc.org/major-consumer-protections-announced-response-covid-19
Recent actions include suspensions on foreclosures, See below links to see if foreclosure suspension rules apply to a your mortgage loan.
Links to Foreclosure Moratoriums and Suspensions by the Major Mortgage Investors:
- FHA — https://www.hud.gov/sites/dfiles/OCHCO/documents/20-04hsgml.pdf
- VA — https://www.benefits.va.gov/HOMELOANS/documents/circulars/26_20_8.pdf
- USDA Direct (bottom of page 1) — https://www.rd.usda.gov/sites/default/files/USDA_SA_COVID19_SFHContinuity03202020.pdf
- USDA Guaranteed — https://www.rd.usda.gov/sites/default/files/USDA_RD_SA_Foreclosure_and_Eviction_Relief_COVID19_NationalEmergency.pdf
- Fannie Mae — https://singlefamily.fanniemae.com/media/22261/display
- Freddie Mac — https://guide.freddiemac.com/app/guide/bulletin/2020-4
All borrowers with federally held student loans will automatically have their interest rates set to 0% for a period of at least 60 days. In addition, each of these borrowers will have the option to suspend their payments for at least two months to allow them greater flexibility during the national emergency. This will allow borrowers to temporarily stop their payments without worrying about accruing interest. For more detail about the suspension of interest charges and payment forbearance, see this article from NCLC’s Student Loan Borrower Assistance site.
Department of Education, Coronavirus and Forbearance Info for Students, Borrowers, and Parents: includes more detail on the suspension of interest accrual and loan payments, with additional Q & A on other topics relevant to students in school, student loan borrowers, and their parents.