Waiting for the extension of the moratorium, mortgage repayment


Biden's announcement extends the moratorium on foreclosure until June.  (Magician)

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

The Biden administration announced on Tuesday that it would extend the nationwide moratorium on foreclosure and mortgage relief until June.

This move would prevent foreclosures and allow for late mortgage payments. It would also offer six months of additional mortgage repayments for those who sign up on or before June 30, Politico said.

About 2.7 million homeowners with government-covered mortgages are enrolled in a mortgage repayment program that is available to another 11 million homeowners.

These actions would extend the order originally received by the Trump administration and the expanded Biden administration on the first day of President Joe Biden.

Moratoriums on evictions and market closures were valid until March. The ban on eviction was not mentioned in Tuesday’s announcement.

The White House announcement is increasing pressure on Congress to approve Biden’s $ 1.9 trillion in Covid-19 aid package. If approved as a whole, the proposal would extend the national moratorium on evictions and seizures September 30.

[Politico] – Sasha Jones

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