Mortgage Relief And Housing Balance
WASHINGTON – President Joe Biden on Tuesday 2/16 extended a ban on home foreclosures for federally backed mortgages for three months. With A dedication to Mortgage relief and housing balance. The President increased a mortgage reduction program in a push to stabilize the nation’s housing problems caused by the COVID-19 pandemic.
The Biden administration Tuesday additionally extended the enrollment window to request a mortgage forbearance – which permits borrowers to pause or reduce mortgage payments – until June 30. An extension of another 3 months from the end of March. The new extension also allows an additional six months of mortgage forbearance for those who qualify.
Mortgage Forbearance Extended To 2.7 Million Homeowners
There are eleven million federal government-backed mortgages nationwide. These mortgage forbearance plans include approximately 2.7 million currently enrolled homeowners.
The White House pointed out the extended protections are in part aimed at prioritizing communities hit hardest by the pandemic. Owners of color make up a disproportionate share of mortgage holders with delinquent loans or on forbearance plans.
The foreclosures and eviction prevention measures pre-date the Biden administration. Former President Donald Trump extended the moratorium on federally backed foreclosures in August. With the CDC, Trump in September initiated a four-month moratorium on evictions for renters unable to make payments.
Mortgage And Rental Payment Assistance
In Biden’s $1.9 trillion COVID-19 relief bill, which he’s pushing Congress to approve within the coming weeks. The president has proposed a $10 billion relief fund that could give states federal assistance to help homeowners with mortgage payments and utility costs. In addition, State governments have received federal assistance to provide rental assistance to qualifying renters.
Now President Biden has extended it again. To qualify, tenants must complete a declaration-form and provide it to their landlord. this certifies that you are having difficulty paying the rent because of the pandemic and have exhausted all other avenues for help. there’s also an income requirement. Single renters must have earned no more than $99,000 in 2020 or received a stimulus payment.