President Joe Biden announced a program extension for mortgage relief and extended the ban for home foreclosures through June 30.
“The COVID-19 pandemic has triggered a housing affordability crisis,” The White House said. ” Now, homeowners will receive urgently needed relief as we face this unprecedented national emergency. Today’s action builds on steps the President took on Day One to extend foreclosure moratoriums for federally guaranteed mortgages.”
According to USA Today, there are 11 million federal mortgages nationwide, and around 2.7 million are part of the COVID-19 forbearance plans.
“President Biden is committed to protecting homeownership and housing stability as America begins to turn a painful crisis into robust recovery,” the White House said. “Today’s extended forbearance and foreclosure programs are an important step towards building stronger and more equitable communities.”
According to the White House, 10 million homeowners are behind on mortgage payments.
“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,” the White House said.