The Biden Administration announced the extension of certain protections for homeowners due to the COVID-19 pandemic triggering a housing affordability crisis. The Department of Housing and Urban Development (HUD), Department of Veterans Affairs (VA), and Department of Agriculture (USDA) announced a coordinated extension and expansion of forbearance and foreclosure relief programs that were due to expire in March.

For loans insured or guaranteed by the agencies, the agencies:

• Extended the foreclosure moratorium for homeowners through June 30, 2021

• Extended the mortgage payment enrollment window until June 30, 2021 for borrowers who wish to request forbearance

• Provided up to six months of additional mortgage payment forbearance, in three-month increments, for borrowers who entered forbearance on or before June 30, 2020

These actions are in addition to the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, extending forbearance by three months for borrowers coming to the end of their forbearance period.

 

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