What Will Happen to the COVID-19 Foreclosure Moratorium in 2021?

It is important for Florida homeowners to understand their rights during the coronavirus pandemic. COVID-19 has taken a physical, emotional, and financial toll on almost all Florida families, but it doesn’t have to affect your legal rights, as well. The federal government has enacted protections that prevent foreclosures from being completed on homes throughout the United States with federally-backed mortgages.

Currently, the foreclosure moratorium has been extended by a rule issued by the Department of Housing and Urban Development. This rule applies to any property with a mortgage that is backed by the federal government. These are Fannie Mae and Freddie Mac loans, and they apply to most traditional mortgages in the United States. This rule is, however, set to expire on December 31, 2020.

So what will happen in 2021? There are several possibilities:

If none of these steps are taken, it is possible that Florida homeowners could be left without foreclosure protection in 2021. But as coronavirus continues to rage on in record numbers, it seems increasingly likely that legal protections will be enacted in 2021.

The Right Florida Foreclosure Lawyers to Protect Your Legal Rights

 
At Quattrocchi and Torres, we have helped many homeowners understand their rights during foreclosure proceedings. Now, in the time of the coronavirus, it is more important than ever to protect your legal rights. Call 407.452.4918 or contact us online for your free consultation with an experienced Florida foreclosure attorney.  

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