Foreclosures and Evictions for FHA Insured Mortgages Suspended
LOUISIANA REALTORS • March 20, 2020
The Federal Housing Administration (FHA) is implementing an immediate foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages until April 30th. The guidance issued applies to homeowners with FHA-insured Title II Single Family forward and Home Equity Conversion (reverse) mortgages, and directs mortgage servicers to:
FOLLOW HUD UPDATES
- Halt all new foreclosure actions and suspend all foreclosure actions currently in process; and
- Cease all evictions of persons from FHA-insured single-family properties.
FHA continues to encourage servicers to offer loss mitigation options to distressed borrowers – including those that could be impacted by the Coronavirus – to help prevent them from going into foreclosure. These include short and long-term forbearance options, mortgage modifications, and other mortgage payment relief options available based on the borrower’s individual circumstances.
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By: Eric Landry, Breazeale Sachse & Wilson, L.L.P. Louisiana REALTORS® Legal Counsel Below are highlights of the changes to mandatory forms effective January 1, 2026. Louisiana Residential Agreement to Buy or Sell: Specific Changes Overall, several changes were made to re-order the agreement in an effort to have the agreement more closely track the sequence of events in a typical transaction. This resulted in relocation of several sections and corresponding changes to line number references in various places throughout the agreement.
