Biden to extend foreclosure moratorium, mortgage forbearance

Evictions not included in announcement

National /
Feb.February 16, 2021 02:43 PM
Biden's announcement extends the foreclosure moratorium until June. (Getty)

Biden’s announcement extends the foreclosure moratorium until June. (Getty)

 

The Biden administration announced Tuesday that it would extend the nationwide foreclosure moratorium and mortgage forbearance through June.

The move would prevent home foreclosures and allow for delayed mortgage payments. It would also offer six months of additional mortgage forbearance for those who enroll on or before June 30, Politico reported.

Some 2.7 million homeowners with government-backed mortgages are enrolled in the mortgage forbearance program, which remains available to another 11 million owners.

The actions would extend an order originally enacted by the Trump administration and expanded by the Biden administration on President Joe Biden’s first day in office.

The eviction and foreclosure moratoriums had been in place until March. The eviction ban was not mentioned in Tuesday’s announcement.

The announcement by the White House increases pressure on Congress to pass Biden’s $1.9 trillion Covid-19 relief package. If passed in its entirety, the proposal would extend a national moratorium on evictions and foreclosures through Sept. 30.

[Politico] — Sasha Jones





    Related Articles

    arrow_forward_ios
    Gov. Andrew Cuomo's emergency powers are about to go up in smoke (Getty, iStock)
    Cuomo to lose shutdown power, but could still extend Covid restrictions
    Cuomo to lose shutdown power, but could still extend Covid restrictions
    The comedy club argues that if SNL can operate, then they should be allowed to operate too. (Getty)
    Manhattan comedy club sues Cuomo over pandemic closures
    Manhattan comedy club sues Cuomo over pandemic closures
    (iStock/Illustration by Alexis Manrodt for The Real Deal)
    Order up: Real estate investors line up to buy drive-throughs
    Order up: Real estate investors line up to buy drive-throughs
    (iStock/Illustration by Kevin Rebong for The Real Deal)
    A year later, deferred rent may be restaurants’ downfall
    A year later, deferred rent may be restaurants’ downfall
    (iStock/Illustration by Kevin Rebong for The Real Deal)
    To boost economy, NYC will invest in rapid Covid test
    To boost economy, NYC will invest in rapid Covid test
    Auckland, New Zealand and Shenzhen, China (iStock)
    Global luxury home sale prices nudged up in 2020
    Global luxury home sale prices nudged up in 2020
    U.S. District Judge John Campbell Barker, who was appointed by former President Donald Trump, ruled the eviction moratorium to be unconstitutional. (Getty, Texas Attorney General)
    National eviction moratorium ruled unconstitutional, but remains in place
    National eviction moratorium ruled unconstitutional, but remains in place
    (iStock/Illustration by Alexis Manrodt for The Real Deal)
    Manhattan job losses in Q3 worst of any large county in the US
    Manhattan job losses in Q3 worst of any large county in the US
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...