The White House on Monday announced a program to extend the mortgage relief and a moratorium on home commitments until June, as thousands of Americans are still struggling to keep up with payments during the coronavirus pandemic.
“The COVID-19 pandemic has caused an affordable housing crisis,” the White House said in a statement. “Now homeowners will be in dire need of relief as we face this unprecedented national emergency. Today’s action builds on the steps the President took on Day One to extend the moratoriums on negative for federal guaranteed bonds. ”
The joint effort between the Departments of Housing and Urban Development, Veterans Affairs and Agriculture will extend the moratorium on foreclosure for homeowners, keep the mortgage lending enrollment period open and increase up to six months extra mortgage tolerance in three months. , for borrowers who entered into tolerance on or before 30 June.
This protection would expire on March 30th.
According to estimates by the White House, just over 10 million homeowners are behind on the mortgage loan. It is estimated that 13.2 million adults living in rental housing – almost 1 in 5 adult tenants – were not rented, according to the Center for Budget and Policy Priorities.
These figures are excessively steep for homeowners and minority tenants.
“President Biden
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Former President Trump
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The Biden government has called on Congress to approve the US bailout plan, which would implement a $ 10 billion homeowners’ aid fund to help struggling homeowners recover mortgages and bills.
“This relief is critical for homeowners with mortgage loans in the private market who are unable to take advantage of today’s actions and may face challenges in the longer term,” the White House said.
Updated at 07:44