By: James LaMontagne
March 23, 2020
On March 17, 2020, New Hampshire Governor Christopher Sununu issued Emergency Order #4 pursuant to Executive Order 2020-04 prohibiting all judicial and non-judicial foreclosure actions under New Hampshire RSA 479 or any other applicable law, rule or regulation during New Hampshire’s State of Emergency. Emergency Order #4 also suspended, for the duration of the State of Emergency, all applicable provisions of any law, rule, or regulation which would allow for the initiation of foreclosure proceedings.
However, Emergency Order #4 also made clear that no individual was relieved of their obligation to make mortgage payments or otherwise fulfill any other obligation under a mortgage during this time.
The Governor declared a State of Emergency on March 13, 2020. Pursuant to New Hampshire RSA 4:45(II)(a) the State of Emergency lasts for 21 days unless renewed by the Governor. Accordingly, the moratorium on foreclosures will last until April 3, 2020 unless the State of Emergency is renewed.
On March 18, 2020, the U.S. Department of Housing and Urban Development (HUD) authorized the Federal Housing Administration (FHA) to put an immediate moratorium on foreclosures for the next 60 days for single-family homeowners who are unable to pay their FHA insured mortgages. HUD directed mortgage servicers not to start any new foreclosure actions and suspend those already in progress.
In addition to FHA backed mortgages, the Federal Housing Finance Agency (FHHA) also announced a 60-day moratorium on the foreclosure of any mortgage insured by Fannie Mae or Freddie Mac. This 60-day moratorium on foreclosures is in addition to the payment forbearance plan that Fannie Mae and Freddie Mac are offering to borrowers impacted by the coronavirus. The forbearance plan allows for a mortgage payment to be suspended for up to 12 months due to hardship caused by the coronavirus.
To find out if your mortgage is insured by Fannie Mae, Freddie Mac or the FHA, contact the mortgage servicer on your mortgage statement.