Biden to extend foreclosure moratorium, mortgage forbearance

Evictions not included in announcement

National /
Feb.February 16, 2021 02:40 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The actions would extend an order originally enacted by the Trump administration and expanded by the Biden administration on President Joe Biden’s first day in office.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
    Sao Carlos CFO Fabio Itikawa. (Getty, YouTube via Levante Investimentos)
    In pandemic-battered Brazil, 3G Capital founders hunt for real estate deals
    In pandemic-battered Brazil, 3G Capital founders hunt for real estate deals
    The announcement makes Google one of several tech companies that will let workers return to the office sooner than later. (iStock, Google)
    Google will bring some employees back to offices this month
    Google will bring some employees back to offices this month
    Clockwise from top left: Rep. Mikie Sherrill, Tom Suozzi, Bill Pascrell, Josh Gottheimer and President Joe Biden (Getty)
    SALT shakeup: Democrats pressure Biden to repeal tax cap
    SALT shakeup: Democrats pressure Biden to repeal tax cap
    21% of company execs say they plan to reduce office space. (Getty)
    More than 1 in 5 company execs plan to slash office space
    More than 1 in 5 company execs plan to slash office space
    Sen. Tim Kaine, Amy Klobuchar and Rob Portman (Getty)
    Federal bill would give $1.5B to pro-housing localities
    Federal bill would give $1.5B to pro-housing localities
    WeWork CEO Sandeep Mathrani (Mathrani/Wikipemedia, Getty)
    WeWork lost $3B in 2020: report
    WeWork lost $3B in 2020: report
    Canadian housing market could be headed to bubble territory (Getty)
    Bubble trouble? Canada’s hot housing market raises concern
    Bubble trouble? Canada’s hot housing market raises concern
    (iStock/Illustration by Alexis Manrodt for The Real Deal)
    Retail spending falls in February, but here come stimulus checks
    Retail spending falls in February, but here come stimulus checks
    arrow_forward_ios

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

    Loading...