Section 4022 of the Coronavirus Stimulus Bill contains a moratorium against initiating judicial or non-judicial foreclosures on any property owner with a Federally backed mortgage loan.**
The moratorium prevents any foreclosure related action for 60 days beginning on March 18, 2020.
This moratorium applies to first and second mortgages on cooperatives, condominiums and 1 to 4 family properties.
If you need financial assistance...Be Proactive. Contact your mortgage lender or servicer immediately to get more information and make sure you refer to this section of the law when you speak to your mortgage lender or servicer.
**A Federally back mortgage loan is any loan insured by the Federal Housing Ad-ministration; insured under the National Housing Act; insured the Housing and Community Development Act of 1992; guaranteed or insured by the Department of Veterans Affairs; guaranteed, made or insured by the Department of Agriculture; or purchased or securitized by the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Association.
Section 4024 of the Coronavirus Stimulus Bill prevents property owners with Federally backed mortgage loans from evicting tenants for non payment of rent.
The eviction moratorium applies to any tenant living in a cooperative, condominium, 1 to 4 family building or a multifamily (5 or more residential units) building. The eviction moratorium also applies to tenants living in housing under the Violence Against Women Act of 1994 and rural housing under section 542 of the Housing Act of 1949.
The eviction moratorium prevents a property owner from serving notices or starting legal proceedings in court for non payment of rent. The eviction moratorium prevents a property owner from charging late fees or any other fees for non payment of rent. A property owner must give a minimum 30 day notice to vacate after the expiration of the eviction moratorium.
The eviction moratorium begins on March 27, 2020 and remains in effect for 120 days.
The eviction moratorium does not apply to Federally backed construction loans or any other type of Federally backed temporary financing.
