Are you a San Antonio homeowner having difficulty keeping up with your mortgage payments? You may be familiar with the COVID foreclosure moratorium passed into law in response to the pandemic. Is this a fail-proof safeguard against foreclosure by your lending institution?
The COVID Foreclosure Moratorium at a Glance
Earlier in 2020, Governor Greg Abbott passed Executive Order 29, which prohibited the close congregation of groups of 10 or more people. The order doesn’t explicitly make any mention of foreclosure moratoriums. That has been largely left to the individual county and city-level governments. The order, though, does impact foreclosure; sales of foreclosed property often include live viewing and auction gatherings.
Travis and Harris County have ordered a halt to all foreclosure sales, effective July, 2020. Other counties, like El Paso, Collin, and Hidalgo, have not made any official statements on their stance regarding foreclosures. Foreclosure listings, though, remain posted.
What Does This Mean for Homeowners?
Due to the wishy-washy stances between local governments, it’s important that homeowners get in touch with a real estate expert. This also applies to home buyers who may be searching foreclosure listings. Depending on the county of your residence, there may or may not be a moratorium in place protecting your home from foreclosure.
A Note About Fannie Mae and Freddie Mac
If your mortgage is backed by Fannie Mae and Freddie Mac, there is a federally-backed moratorium in effect until January 31, 2021. This is actually the fourth time the Federal Housing Finance Agency has extended the deadline. Don’t be surprised if the date is extended even further.
Keep in mind, though, that there are restrictions. For example, the moratorium only applies to single-family and enterprise-backed mortgages. And, it is important to note that the moratorium does not apply to properties determined to be vacant or abandoned.
Need Assistance to Stop Foreclosure in San Antonio?
There are a lot of legal complexities for home sellers and buyers due to the pandemic. Contact us at All Good Deeds Homes to learn more about the COVID foreclosure moratorium during these trying times.
COVID Foreclosure Moratorium Information in San Antonio
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