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Libertyville foreclosure defense attorneysAs the nation has struggled financially due to the shutdown caused by the COVID-19 outbreak, the federal government placed a freeze on foreclosure and eviction proceedings by Fannie Mae, Freddie Mac, and other government agencies. Many of the country’s leading mortgage lenders and banks also announced programs designed to assist homeowners facing difficulties making their mortgage payments.

The specifics of the programs offered by the various lenders can vary widely, as not all institutions can afford to go very long without payments from their borrowers. Such inconsistencies have left many homeowners still worried about what will happen in the next few weeks and months. With this in mind, lawmakers in Illinois are working to pass a bill that would offer relief to renters, homeowners, and lenders before the new month begins.

Bill Would Suspend Rent and Mortgage Payments

Last Friday, Representative Delia Ramirez (D-Chicago) introduced the COVID-19 Emergency and Economic Recovery Renter and Homeowner Protection Act. “We have to make housing an absolute top priority,” Ramirez said. She expressed that families should not have to choose between keeping a roof over their heads or buying food.

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Lake County foreclosure attorneysAs efforts continue to halt the spread of the coronavirus, millions of Americans have been prevented from going to work as usual. Some are able to work from home and maintain at least some level of income, but many more do not have the opportunity or ability to do so. This means that in addition to the fears associated with contracting the virus itself, many families also fear the reality of not being able to pay their bills. To address such fears, President Trump issued an order this past weekend that effectively halts foreclosure and eviction proceedings for a large number of American families.

Freezes and Forbearance Options

On Saturday, March 21, Housing and Urban Development Secretary Ben Carson announced that the president ordered the “immediate cessations” of evictions and foreclosures. The order was intended to help the millions of Americans who might soon be struggling to make their rent and mortgage payments.

As a part of the order, several federal agencies said they were freezing foreclosures and evictions for at least 60 days. These agencies include the Department of Housing and Urban Development (HUD), the Federal Housing Finance Agency (FHFA), and the U.S. Department of Agriculture (USDA). In addition, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, more commonly known as Fannie Mae and Freddie Mac, respectively, have instituted moratoriums on foreclosures, as well as forbearance options for those affected by the coronavirus pandemic.

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