WASHINGTON (AP) – President Joe Biden extends the June 30 foreclosure ban to help homeowners suffering during the coronavirus pandemic.
The moratorium on foreclosures with federal guarantees was due to expire on March 31. On his first day in office, Biden had extended the moratorium from 31 January. payments.
The White House says coordinated actions announced Tuesday by the departments of Housing and Urban Development, Veterans and Agriculture will also extend until June 30 the registration period for borrowers who want to apply for waiver of mortgage payments (a pause or reduction in payments) and provide up to an additional six months of tolerance for borrowers who entered into tolerance on or before June 30 of the previous year.
The White House says more than 10 million homeowners are behind mortgage payments and that Biden’s actions should help keep people at home amid a “housing accessibility crisis” triggered by the pandemic. It is said that “homeowners will receive urgently needed help as we face this unprecedented national emergency.”
The Biden administration says expanding tolerance policies “will provide critical support to owners of colors, who account for a disproportionate share of borrowers,” who have trouble repaying their loans because of the pandemic-related difficulties.
The actions announced Tuesday do not address a federal moratorium until March 31 on evictions of tenants who have been left behind in rent.