The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, announced earlier in the week that the two mortgage insurance entities will give multifamily property owners a break on their mortgages as long as they do not evict any tenants unable to pay as a result of the coronavirus.
Just as there is a moratorium on evicting tenants who can’t pay rent as a result of the virus in many states and municipalities around the country, there will be a moratorium for multifamily investment property owners for foreclosure.
Multifamily property owners who have mortgages backed by Fannie Mae or Freddie Mac are eligible for the benefit. Most duplex owners should fall under this category.
Fannie Mae and Freddie Mac are coordinating efforts to implement the moratorium immediately.