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Coronavirus scare results in moratorium to prevent foreclosures

The coronavirus certainly has scared many people, especially those who need to stay out of work. If they can't work, then how can they pay their bills? That question was heard loud and clear by the government, which has now passed a moratorium on foreclosures.

The March 19 news report states that around 65% of mortgages would be protected against foreclosure in the coming 60 days. Who qualifies? All single-family homeowners who have Federal Housing Administration-backed mortgages. They will now be shielded against eviction or foreclosure until the middle of May.

Fannie Mae and Freddie Mac had previously offered payment forbearance to any homeowners affected by COVID-19, giving them the potential to suspend their payments for up to 12 months.

Fortunately, many people who rent will also be able to worry less as more cities take actions to help keep people in their homes. Around a dozen states now have temporarily halted evictions. There have also been records of utility companies suspending shut-offs, so people can rest easy knowing that their utilities will stay on, even if they can't pay during the worst of the pandemic.

It's important to note that the coverage discussed here isn't comprehensive, so if you are facing a foreclosure that doesn't fall under these guidelines, you could still need to take steps to prevent it. You may want to talk to your attorney specifically about your case to see if the new moratorium affects you. If it does, you may need to discuss if this will have a positive impact on your case, especially if you were considering bankruptcy.

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