Freddie Mac announced on March 18 that it is taking action to protect those affected—either directly or indirectly—by the coronavirus (“COVID-19”) pandemic. Freddie Mac announced a nationwide suspension of all foreclosure sales and evictions of borrowers living in homes owned by the company.
It also announced additional mortgage relief options, including an expansion of its forbearance program, to incorporate additional impacted borrowers. Borrowers are eligible for forbearance regardless of whether their properties are owner occupied, second homes, or investment properties.
The suspension of foreclosure sales and evictions is effective immediately and applies until May 17, 2020. On March 18, Fannie Mae also directed servicers to suspend all foreclosure sales for the next 60 days. The foreclosure suspension does not apply to mortgage loans on properties that have been determined to be vacant or abandoned. Like Freddie Mac, Fannie Mae also is suspending evictions for the same period of time. If necessary, and at the direction of the Federal Housing Finance Agency, Fannie Mae and Freddie Mac may extend the suspension of evictions beyond May 17, 2020.