Freddie Mac issued Bulletin 2021-6 to extend the COVID-19 foreclosure moratorium and amend COVID-19 forbearance and payment deferral provisions. Per the Bulletin, Freddie Mac extended the COVID-19 foreclosure moratorium through March 31, 2021.
Freddie Mac also extended the allowable term of a COVID-19 forbearance for borrowers who are on an active COVID-19 forbearance plan as of February 28, 2021. A Servicer is authorized to grant a forbearance plan term extension of up to 3 months (provided the plan term does not exceed 15 months of total delinquency or a cumulative term of 15 months, whichever is shorter).
In addition, Freddie Mac made several adjustments to the COVID-19 payment deferral requirements initially announced in Bulletin 2020-15. The adjustments relate to:
- Prior COVID-19 payment deferrals;
- Delinquency requirements;
- Payment Deferral processing month;
- Payment deferral terms;
- The Payment Deferral Agreement; and
- The Payment Deferral Solicitation Letter.
All revisions are effective immediately.
Click to view the Freddie Mac Guide Bulletin 2021-6: https://www.tenaco.com/wp-content/uploads/2021/02/Freddie-Mac-Guide-Bulletin-2021-6.pdf
