At the beginning of the COVID-19 pandemic, the federal government, along with various states, counties and municipalities, enacted legislation and rules regarding residential evictions. Within the first week of May alone, the laws on eviction moratoriums have been upended in many different directions, and the current status of these laws is unclear at best.
To read the full text of this Duane Morris Alert, please visit the firm website.
On August 28, 2020, the Federal Housing Administration (FHA) announced the 3rd extension of its foreclosure and eviction moratorium through December 31, 2020, for homeowners with FHA-insured single family mortgages covered under the Coronavirus Relief and Economic Security (CARES) Act.
This extension provides an additional 4 months of housing security to homeowners. With this third extension, the FHA has now provided more than nine months of foreclosure and eviction relief to FHA-insured homeowners.
To read the full text of this post by Duane Morris partner Brad Molotsky, please visit the Duane Morris Project Development/Infrastructure/P3 Blog.
As of July 31, 2020, Philadelphia City officials have extended the City’sresidential eviction moratorium in Philadelphia until March 15, 2021.
To read the full text of this post by Duane Morris partner Brad Molotsky, please visit the Duane Morris Project Development/Infrastructure/P3 Blog.
The Coronavirus Economic Stabilization Act (CESA, under Title IV of the CARES Act) puts in place a foreclosure moratorium for certain residential properties (including individual units of condominiums and cooperatives), and an eviction moratorium for tenants of certain “covered property” (predominantly multifamily housing units). The foreclosure moratorium applies to foreclosures of single family residential real property (designed for occupancy by one to four families) subject to federally backed mortgage loans (prohibiting loan servicers from initiating foreclosure actions). The eviction moratorium applies to lessor eviction actions based on nonpayment of rent or other fees and charges from single family and multifamily properties that (i) participate in certain federal housing voucher programs, (ii) have a loan that was made or guaranteed a federal program, or (iii) were purchased or securitized by Fannie Mae or Freddie Mac (collectively, “Covered Property”) (prohibiting lessors from intiating eviction actions). In addition to the imposition of the above noted moratoria, CESA has mandatory forbearance provisions that apply to loans on single and multifamily residential property with federally backed mortgages.
To read the full text of this Duane Morris Alert, please visit the firm website.
