White House Extends Foreclosure Moratorium Through June

The Biden Administration on Tuesday further extended the federal moratorium against foreclosures. The administration’s actions will prevent banks from foreclosing federally backed mortgages now through June 30.

The White House’s actions also allows people to apply for six additional months of foreclosure protection any time before June 30.

In a statement on the extension, the White House said, “Now, homeowners will receive urgently needed relief as we face this unprecedented national emergency. Today’s action builds on steps the president took on day one to extend foreclosure moratoriums for federally guaranteed mortgages.”

Tuesday’s actions did not extended the federal eviction moratorium for renters, which is scheduled to end in March. Biden’s White House, however, has voiced interest in continuing to assist American renters. “Today, one in five renters is behind on rent and just over 10 million homeowners are behind on mortgage payments,” the statement read.

The announcement also directed homeowners and renters to visit a federal website to find up-to-date relief options. The White House also reassured that the $1.9 trillion American Rescue Plan will “deliver more aid to struggling homeowners. The rescue plan creates a Homeowners Assistance Fund which will provide states with $10 billion to help struggling homeowners catch up on their mortgage payments and utility costs. This relief is critical for homeowners with mortgages in the private market who are not able to take advantage of today’s actions and may face longer term challenges.”

Article by Brandon Mumei