Governor signs order extending tax foreclosure deadline
Gov. Gretchen Whitmer has signed Executive Order 2020-14, extending the deadline for Michigan residents to pay back taxes and avoid foreclosure on their property during the ongoing coronavirus (COVID-19) pandemic.
Executive Order 2020-14, which takes effect immediately, will move the tax foreclosure deadline from March 31, 2020, to May 29, 2020, or 30 days after the state of emergency declared in Executive Order 2020-4 is terminated, whichever comes first.
“This executive order will give families struggling to make ends meet real and immediate relief from the pressure of having their home foreclosed on while trying to focus on the health and safety of their loved ones,” Whitmer said.
Whitmer said the order “is the latest in a series of steps to protect the public, slow the spread of COVID-19 and give families comfort during these uncertain times.”
“We want all Michiganders to focus on staying healthy and making smart choices to help avoid the spread of COVID-19,” said Jeff Donofrio, director of the Department of Labor and Economic Opportunity. “The last thing families and seniors should have to worry about during this global health pandemic is losing their home, which is why this commonsense executive order will give homeowners some peace of mind.”
Freddie, Fannie suspend some evictions, foreclosures
Mortgage buyers Fannie Mae and Freddie Mac said Wednesday that they will suspend all foreclosure sales and evictions of borrowers in single family homes owned by their companies.
The action, ordered by Fannie and Freddie’s federal regulator, is among many efforts nationwide to protect those affected by the coronavirus pandemic.
The companies have been under the control of the federal government since the 2008-09 financial crisis.
In addition, the U.S. Department of Housing and Urban Development similarly suspended foreclosures and evictions for mortgages insured by the Federal Housing Administration.
Fannie and Freddie do not make loans, but buy them from lenders and bundle them into securities, guarantee them against default and sell them to investors. Together they guarantee about half of the U.S. home market.
The companies also announced other mortgage relief options, including an expansion of its forbearance program, which gives borrows relief for up to one year and suspends late charges and penalties.
They also suspended reporting to credit bureaus of past due payments of borrowers who are in a forbearance plan as a result of hardships attributable to this national emergency.
These measures are effective immediately and apply to borrowers who are unable to make their mortgage payments due to a decline in income resulting from the impact of COVID-19, regardless of whether they have contracted the virus, Freddie Mac said.
“Borrowers who may be experiencing financial challenges due to COVID-19 are encouraged to contact their mortgage servicer — the company they send their monthly mortgage payments to — to explore their options,” Freddie Mac said in a statement.
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