WASHINGTON — President Joe Biden is extending the foreclosure moratorium and mortgage forbearance through the end of June as part of his efforts to address the economic impact of the coronavirus pandemic, the White House announced Tuesday.
The administration’s actions continue programs that former President Donald Trump started last year. This is the second time Biden has extended the programs after having signed an executive action on his first day in office that pushed the expiration date to the end of March.
The White House also announced Tuesday that the administration is extending the enrollment window to request a mortgage payment forbearance and will grant six months of additional forbearance for those who enroll on or before June 30.
The actions did not address the federal moratorium on evictions, which is set to expire on March 31.
The Departments of Housing and Urban Development, Veterans Affairs and Agriculture will coordinate on extending the forbearance and foreclosure relief programs, and the administration will provide information about relief programs for homeowners and renters on the Consumer Financial Protection Bureau website.
The White House said in a memo that the actions “directly benefit the 2.7 million homeowners currently in Covid forbearance and extend the availability of forbearance options for nearly 11 million government-backed mortgages nationwide.”
In the memo, the administration also called on Congress to pass Biden’s Covid-19 relief package.
“This relief is critical for homeowners with mortgages in the private market who are not able to take advantage of today’s actions and may face longer term challenges,” they wrote.
Author : Lauren Egan
Source : Nbc News : Biden extends foreclosure moratorium, mortgage forbearance through June