Biden extends mortgage relief, moratorium on foreclosures
The Biden administration Tuesday announced it's extending the moratorium on home foreclosures and the enrollment window for mortgage forbearance through June.
Why it matters: Many Americans have struggled to make home payments during the COVID-19 pandemic. Both programs were set to expire in March. The actions are an extension of a program the Trump administration started in 2020.
- The departments of Housing and Urban Development, Veterans Affairs, and Agriculture will carry out the executive action, per the White House.
- The new relief will provide up to six months of additional mortgage payment forbearance, in three-month increments, for borrowers who entered the program on or before June 30, 2020.
What they're saying: "Now, homeowners will receive urgently needed relief as we face this unprecedented national emergency," the White House wrote in a news release.
- "Today’s action builds on steps the President took on Day One to extend foreclosure moratoriums for federally guaranteed mortgages."