Biden Extends Ban on Housing Foreclosures

February 16, 2021 by TWN Staff
Biden Extends Ban on Housing Foreclosures
President Joe Biden signs a series of executive orders in the Oval Office of the White House in Washington. (AP Photo/Evan Vucci)

President Joe Biden is extending a ban on housing foreclosures to June 30 to help homeowners struggling during the coronavirus pandemic.

The moratorium on foreclosures of federally guaranteed mortgages had been set to expire on March 31. On his first day in office, Biden had extended the moratorium from Jan. 31.

Census Bureau figures show that almost 12% of homeowners with mortgages were late on their payments.

People of color face even greater hardship and are more likely to have deferred or missed payments, putting them at greater risk of eviction and foreclosure, the administration said.  

The coordinated actions announced Tuesday by the White House and the Departments of Housing and Urban Development, Veterans Affairs and Agriculture also will extend to June 30 the enrollment window for borrowers who want to request mortgage payment forbearance — a pause or reduction in payments — and will provide up to six additional months of forbearance for borrowers who entered forbearance on or before June 30 of last year.

These coordinated actions will cover 70% of existing single-family home mortgages, the White House said.

The administration said Tuesday that to bolster these efforts, it is critical that Congress pass the American Rescue Plan to deliver more aid to struggling homeowners.

The rescue plan creates a Homeowners Assistance Fund which will provide states with $10 billion to help struggling homeowners catch up on their mortgage payments and utility costs.

Homeowners and renters can visit consumerfinance.gov/housing for up-to-date information on their relief options, protections, and key deadlines.

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