Mortgage Forbearance to Prevent Evictions
To support multifamily property owners and keep apartment renters in their home during the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will offer multifamily property owners mortgage forbearance with the condition that they suspend all evictions for renters unable to pay rent due to the impact of coronavirus.
The eviction suspensions are in place for the entire duration of time that a property owner remains in forbearance. The forbearance is available to all multifamily properties with an Enterprise-backed performing multifamily mortgage negatively affected by the coronavirus national emergency.
"Renters should not have to worry about being evicted from their home, and property owners should not have to worry about losing their building, due to the coronavirus," FHFA Director Mark Calabria said in an official statement. "The Enterprises are working with mortgage servicers to ensure that these programs are implemented immediately so that property owners and renters experiencing hardship because of the coronavirus can get the assistance they need."