Evictions, Foreclosure and Forbearance Covid Relief: San Diego and California Update Feb 2021

Update 1-30-21: Due to the constant changes to the myriad of programs and deadlines I've superseded this post with a special page on the website that  I will keep updated here.

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This is my Dec 2020 update to previous posts on the topic. And part of the reason I do this is for my own benefit - to provide myself an easy cheat sheet. I've expanded this to the state level

Evictions

Federal 
The FHFA has extended the foreclosure and eviction moratorium for  borrowers wih mortgages backed by Fannie Mae or Freddie Mac loans "extended its moratorium on foreclosures and evictions for borrowers with mortgages backed by Fannie Mae and Freddie Mac until Jan. 31."

Update 12-25-20: The Bipartisan relief bill -still waiting for the president's signature -  would also extend the moratorium on evictions until Jan 31, 2021.

In addition $25B of rental assistance funds are made available. Renters can apply and this money would be applied directly towards rental payments. More details here.

California

Per AB 3088 no tenant can be evicted before February 1, 2021 due to a Covid hardship. If the hardship occurred after Sep 1 2020, tenants must pay at least 25% . More details on AB 3088 here. (no change)

San Diego
It appears the San Diego temporary ban on evictions ends on Sep 30, 2020. (no change)

Foreclosure

Federal
As above: The FHFA has extended the foreclosure and eviction moratorium for  borrowers wih mortgages backed by Fannie Mae or Freddie Mac loans. "extended its moratorium on foreclosures and evictions for borrowers with mortgages backed by Fannie Mae and Freddie Mac until Jan. 31."
 


Forbearance

Mortgage payments on federally backed loans can be suspended for up to two 180 day periods- 360 days total. (no change).  

But here is an additional resource from Bankrate.com on forbearance.

Greg's Observations:
SoCal real estate is definitely a seller's market right now, and prices have been rising rapidly. Opinions on what's next vary widely between Zillow (they expect prices to keep rising) and this Forbes piece that forecasts a "Tsunami of Foreclosures" driven by the end of the protections above.

11-12-20 Important addendum- more about this later!

Foreclosure laws in CA are changing in 2021. And this is a big deal. SB 1079 will give rights to tenants and "eligible bidders" to purchase a foreclosed property within 45 days after the auction! This isn't really a Covid relief type deal but we'd be remiss not to mention it.

Interested in selling? Get an offer!

NOTE: GregBuysHomes is still buying homes in Southern CA. We are here to support you during this challenging period.