Biden extends mortgage relief and bans foreclosures through June

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Biden extends mortgage relief and bans foreclosures through June
Foto: AP / Video: MH
  • President Joe Biden extended pandemic relief to homeowners
  • In addition, Biden prohibited foreclosures until June 30.
  • The White House called the action “an important step toward building stronger and more equitable communities.”

President Joe Biden is extending the ban on home foreclosures until June 30 to help homeowners struggling with the economic havoc caused by the coronavirus pandemic, The Associated Press reported.

The moratorium on foreclosures on federally guaranteed mortgages would expire on March 31. On his first day in office, Biden had extended the moratorium since January 31.

foreclosures

Photo: Twitter.

Figures from the Census Bureau show that nearly 12% of homeowners with mortgages are behind on their payments.

Additionally, about 2.7 million homeowners are enrolled in COVID-19 forbearance plans, it reported. USA Today.

The White House said coordinated actions announced Tuesday by the Departments of Housing and Urban Development, Veterans Affairs and Agriculture will also extend the enrollment window to June 30 for borrowers who want to apply for mortgage forbearance. either a pause or a reduction in payments.

The actions will promote up to an additional six months of forbearance for borrowers who entered on or before June 30 of last year.

The White House said more than 10 million homeowners are behind on mortgage payments and that Biden’s actions are to help keep people in their homes amid a “housing affordability crisis” sparked. for the pandemic.

He also said that “homeowners will receive the relief they urgently need as we face this unprecedented national emergency.”

In a statement, the White House said Biden is committed to protecting homeownership and housing stability during the pandemic, calling the extended foreclosure and tolerance programs “an important step toward building more communities. strong and fair ”.

The Biden administration says that extending tolerance policies “will provide critical support to homeowners of color, who make up a disproportionate share of borrowers” who are struggling to repay their loans due to difficulties related to the pandemic.

The actions announced Tuesday that include foreclosures do not address a federal moratorium extended until March 31 on evictions of tenants who have fallen behind in their rent.

About a third of all Americans equivalent to about 107 million people are tenants.

According to a White House official, the Biden administration has been meeting with stakeholders to assess its next steps in eviction policy, however it did not offer additional details.

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Filed Under: Foreclosures

The post Biden extends mortgage relief and bans foreclosures through June appeared first on Hispanic World.

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