Impact of COVID-19 and the CARES ACT on Mortgages

By Michael McCormick, Senior Partner, McCalla Raymer Leibert Pierce, LLC (Roswell, GA)

H.R. 748, also known as the CARES Act (herein, “the Act”), was enacted into law on March 27, 2020. The Act is meant to address the economic fallout of the Coronavirus pandemic. The Act contains numerous consumer protections, including several pertaining to residential mortgages.

Relief from Foreclosure

Section 4022 of the Act provides foreclosure relief for "federally-backed loans," which means loans (for 1–4 family properties) purchased, securitized, owned, insured, or guaranteed by Fannie Mae or Freddie Mac, or owned, insured, or . . .

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