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Financial Services Law Insights and Observations

HUD implements foreclosure and eviction moratorium

Federal Issues HUD FHA Foreclosure Covid-19 Mortgages

Federal Issues

On March 18, HUD announced that it would implement an immediate foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages for the next 60 days and issued Mortgagee Letter 2020-04. The guidance applies to homeowners with FHA-insured Title II Single Family forward and Home Equity Conversion (reverse) Mortgages, and directs mortgage servicers to: (i) halt all new foreclosure actions and suspend all foreclosure actions currently in process; and (ii) cease all evictions of persons from FHA-insured single-family properties.

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