President Biden on Tuesday extended a ban on housing foreclosures to June 30 to assist homeowners who are having trouble making mortgage payments during the coronavirus pandemic but offered no such assistance for renters.
The extension was the second time Biden has moved the deadline since taking office on Jan. 20. The moratorium on foreclosures of federally guaranteed mortgages had been set to expire on Jan. 31 before Biden extended it on his first day in office to March 31.
The extension was the second time Biden has moved the deadline since taking office on Jan. 20. The moratorium on foreclosures of federally guaranteed mortgages had been set to expire on Jan. 31 before Biden extended it on his first day in office to March 31.
Census statistics show that nearly 12 percent of homeowners with mortgages were late with their payments, The Associated Press reported.
However, the administration didn’t address the federal moratorium on eviction of renters also set to end March 31.
The Biden administration also announced it will extend to June 30 the enrollment period for mortgage payment forbearance and provide six additional months of forbearance for borrowers who paused their payments on or before June 30, AP reported.
The administration initiated the policies to help homeowners stay in their homes amid the pandemic, particularly those of color, “who make up a disproportionate share of borrowers” struggling to make payments, AP reported.