COVID-19 Prompts Federal Agencies to Suspend Foreclosures and Evictions

In response to COVID-19, President Trump issued an order on March 18, 2020, suspending foreclosures and evictions on all loans insured by the Federal Housing Administration (FHA). The suspension will last at least until the end of April 2020.

Following President Trump's order, the federal Department of Housing and Urban Development (HUD) announced a 60-day moratorium on all foreclosures and evictions for single-family homeowners with FHA-insured mortgages. Similarly, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will suspend foreclosures and evictions for the next 60 days.

Certain state and local governments are already suspending foreclosures and evictions in response to COVID-19. We anticipate that more state and local governments will follow.

If you have any questions or need assistance, Reinhart has a team of attorneys that focuses on commercial leasing and lending, including transactional work, litigation and dispute resolution.  Reinhart is closely following the legal developments related to COVID-19 and stands ready to assist our clients in navigating these issues.