The White House on Monday announced a program to extend mortgage relief and a moratorium on foreclosures through June, while thousands of Americans continue to struggle to keep up with payments during the coronavirus pandemic.
“The COVID-19 pandemic has triggered a housing affordability crisis,” the White House said in a statement. “Now, homeowners will receive an urgently needed relief as we face this unprecedented national emergency. Today’s action builds on the steps the president took on the first day to extend foreclosure moratoriums on secured mortgages federal “.
The joint effort between the departments of Housing and Urban Development, Veterans and Agriculture will extend the moratorium on foreclosure to homeowners, keep the registration window open for abandoning mortgage payments and provide up to six months of additional abandonment of mortgage payment, in three-month increments. , for borrowers who entered into tolerance on or before June 30th.
These protections were due to expire on March 30th.
Just over ten million homeowners have been left behind on mortgage payments, according to White House estimates. An estimated 13.2 million adults living in rental housing (nearly 1 in 5 adult renters) also did not stay with rent, according to the Center for Budget and Priority Policies.
These figures are disproportionately high for minority landlords and tenants.
“President Biden
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Old President Trump
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The Biden administration asked Congress to approve the U.S. bailout plan, which would implement a $ 10 billion Homeowners Assistance Fund to help homeowners struggling to recover mortgage payments and utility bills .
“This relief is critical for homeowners with mortgages in the private market who are unable to take advantage of current actions and may face long-term challenges,” the White House said.
Updated at 7:44 p.m.