President Biden Extends The Foreclosure and Mortgage Forbearance Moratorium

On Tuesday (Feb.16) the Biden administration announced that they would be extending the moratorium on foreclosures and mortgage forbearances until the end of Summer.

The moratorium would prohibit banks from pursuing a foreclosure on homes with federally backed mortgages. The action would also offer reduced or delayed mortgage payments until July, for those who enroll(ed) in the forbearance program on or before June 30,2021.

The housing action for homeowners and renters was enacted under the Trump administration, but once Biden took office, the moratorium action was extended. Initially, evictions and housing foreclosure moratoriums were to end in Dec.2020, until Biden extended it through the month of March. In Tuesdays order, it did not state whether renters would have an extension through Summer to avoid eviction.

According to a White House announcement the departments of Housing and Urban Development, Veterans Affairs and Agriculture will enact the actions. Further resources for homeowners can be found on the Consumer Financial Protection Bureau’s website.

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