The White House on Monday announced a program to extend mortgage relief and a moratorium on foreclosures until June, while thousands of Americans continue to struggle to maintain payments during the coronavirus pandemic.
“The COVID-19 pandemic has unleashed a housing accessibility crisis,” the White House said in a statement. “Now, homeowners will receive the necessary relief urgently as we face this unprecedented national emergency. Today’s action is based on measures the President took on the first day to extend the federal government-backed mortgage foreclosures.”
The joint effort between the Housing and Urban Development, Veterans Affairs and Agriculture departments will extend the foreclosure moratorium on homeowners, keep the mortgage payment tolerance application window open and provide up to six months of payment tolerance. additional mortgage, in three-month increments, for borrowers who entered with tolerance on or before June 30.
These protections were set to expire on March 30.
Just over 10 million homeowners are behind on mortgage payments, according to White House estimates. It is estimated that 13.2 million adults living in rental housing – almost 1 in 5 renting adults – were also not caught in the rent, according to the Center on Budget and Policy Priorities.
These numbers are disproportionately high for minority owners and tenants.
“President biden
Joe BidenMcConnell does not rule out getting involved in Republican primaries. Perdue files paperwork to explore Hillicon Valley in 2022: Parler announces official relaunch | Google closes compensation deal with major Australian media company | China is central to the Republican Party’s efforts to resist Biden MORE is committed to protecting property and housing stability as the United States begins to transform a painful crisis into a robust recovery, “said the White House.” Extended indulgence and foreclosure programs are an important step in building stronger and more just communities. ”
Old one President Trump
Donald TrumpMichigan Democrat Dingell on violent rhetoric: ‘I had men in front of my house with assault weapons’ McConnell does not rule out getting involved in the Republican primaries 75 percent of Republicans want Trump to play a prominent role in the Republican Party: poll MORE initially issued the moratorium on the Centers for Disease Control and Prevention in September, and Congress extended it in December. The Federal Housing Finance Agency last week extended the tolerance by three months for borrowers who reached the end of the grace period.
The Biden government asked Congress to approve the American Rescue Plan, which would implement a $ 10 billion Owner’s Assistance Fund to help struggling homeowners recover their mortgage payments and utility bills.
“This relief is critical for homeowners with mortgages in the private market who are unable to take advantage of today’s stocks and may face long-term challenges,” said the White House.
Updated at 7:44 am