Federal Foreclosure HALT (put in place on March 18, 2020) has been extended to December 31, 2020. This puts foreclosure hold at 42 weeks. This means that all Federally Insured Loans (FHA, VA, FannieMae, FreddieMac, etc.) that are in default cannot have foreclosures initiated and current foreclosure files cannot go to sale.
Only properties that are having foreclosures initiated and proceeding to sale are:
- conventional loan properties
- commercial properties
- any property (regardless of loan type) that has been abandoned or vacant.
Deed Releases (paper and electronic) due to refinance and home sales are very high. We have been processing several thousand releases per month and anticipate that this will continue for the next 6 months or more, depending on interest rates and high home values.
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