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Financial Services Law Insights and Observations

FHFA suspends foreclosure for borrowers applying for HAF funds

Federal Issues FHFA Fannie Mae Freddie Mac Mortgages Foreclosure Consumer Finance Mortgage Servicing

Federal Issues

On April 6, FHFA announced that servicers with mortgages backed by Fannie Mae and Freddie Mac are required to suspend foreclosure activities for up to 60 days if the servicer is notified that a borrower has applied for mortgage assistance under the Treasury Department’s Homeowner Assistance Fund (HAF). As previously covered by InfoBytes, the HAF was created to provide direct assistance for mortgage payments, property insurance, utilities, and other housing-related costs to help prevent delinquencies, defaults, and foreclosures after January 21, 2020.

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