Home foreclosures for federally-backed mortgages will be receiving an additional three-month extension to June 30th. The original date was set to expire on March 31st.
Under President Biden’s administration, struggling homeowners can request a mortgage payment forbearance, which would allow a pause or a reduction on their mortgage payments. Borrowers can also defer mortgage payments for an additional six months.
Currently, 2.7 million homeowners are enrolled in COVID-19 forbearance plans.
The change for homeowners has not been (so far) applied to renters. The Centers for Disease Control and Prevention’s federal moratorium on evictions is currently set to expire on March 31st.
For housing options, check out Consumer Finance’s housing website.
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