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Freddie Mac put moratorium on evictions

Freddie Mac put moratorium on evictions

Freddie Mac put moratorium on evictions
Mortgage giant Freddie Mac is putting in place measures to protect homeowners facing challenges due to the ongoing pandemic. It was announced last week that it would be suspending all evictions of borrowers living inside bank owned homes as well as halting the sale of foreclosure properties in its portfolio.

The moratorium is expected to continue through May 17, 2020 but could be extended. Freddie Mac is also offering up to 12 months of forbearance for homeowners unable to make their mortgage payments and waiving penalties or late fees that would ordinarily be imposed.

It is being recommended to property owners who are struggling to contact their lender to discuss their options.
Meanwhile, conforming no-point 30-year fixed mortgage rates averaging 4.5 percent and 15-year rates are near 3.875 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.