Foreclosure & Eviction Moratorium Extended One Final Month

Performance Property Real Estate Question

Q: Are the foreclosure & eviction moratoriums actually going to end at the end of June as scheduled? Frank, Woodland Park, NJ

A: The CDC extended the eviction moratorium for one final month until the end of July and FHFA followed suit by extending the foreclosure moratorium until July 31st 2021. Both the CDC and FHFA indicated that these one month extensions are the last and final extensions. NAR (the National Association of REALTORS) as well as The National Apartment Association (NAA) have pushed to end the eviction moratorium. While the basic premise behind the foreclosure & eviction moratoriums was sound in preventing evictions and foreclosures in the middle of a deadly pandemic, some tenants not facing financial pressure have used the moratorium as an excuse to stop paying their rent while their landlords who have had no legal recourse to do anything about it. In addition, the rollout of emergency rental assistance has been inconsistent. Housing is a complex system and while the aims of the moratoriums were valid, the repercussions of the moratoriums throughout the residential real estate system were not very well thought through from a policy perspective. Thanks for your question, Frank.

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