Fannie, Freddie Extend Foreclosure Moratorium for Huricane Sandy Victims

by devteam February 1st, 2013 | Share

Homeownersrnwhose homes were damaged by the late October super-storm Sandy are getting anrnextension of the mortgage relief extended immediately after the storm.  The Federal Housing Administration (FHA) andrnFannie Mae and Freddie Mac (the GSEs) will extend their respective 90 day moratoriarnon foreclosures and evictions that were authorized in November for anrnadditional 90 days.  </p

Secretary of Housing and Urban DevelopmentrnShaun Donovan and Edward J. DeMarco, acting director of the Federal HousingrnFinance Agency (FHFA) announced the extensions on Thursday.  The moratoria apply to homeowners with propertiesrnin the nine states and the District of Columbia which were declared disasterrnareas after the Hurricane and halt both foreclosure starts and foreclosuresrnalready in process. </p

“It’srnall too clear that familiesrnneed more time to get back on their feet withoutrnhaving a foreclosure orrneviction hanging over theirrnheads,” said Donovan.  “Asrnwernwork to rebuild afterrnthis historic storm, we’ll do everything we canrnto ease therncrushing burden being facedrnbyrnthose homeowners,rnmany ofrnwhom have been forced from their homes.”</p

In addition to extending the foreclosurernmoratorium for 90 days, FHA is alsornsuspending evictions of persons fromrnproperties securedrnbyrnFHA mortgages inrnthese affected counties throughrnApril 30, 2013.</p

Freddie Mac and Fannie Mae said that, inrnaddition to the foreclosure salernand eviction moratoria, homeowners impacted by Hurricane Sandy may be eligiblernfor forbearance,rnloanrnmodifications or waived late payment charges.</p

FHFA’s news release can be found here.

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About the Author


Steven A Feinberg (@CPAsteve) of Appletree Business Services LLC, is a PASBA member accountant located in Londonderry, New Hampshire.

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