Today, President Joe Biden is extending a moratorium on home foreclosures for federally backed mortgages until June 30, after previously setting the expiration date at the end of March. Biden also announced the expansion of a mortgage relief program, pushing the window to request mortgage forbearance until the end of June.
You can check our resources page under “Foreclosure Related” to see if your mortgage is federally backed here. Just type in your property address under Freddie, Fannie or MERS to discover who owns your mortgage.
For those who have private loans, there is no mandated federal moratorium. You may be covered under a local or state moratorium though.
There are still the CARES Act two 180 day forbearances available. Easy to ask for, just send a request to your servicer and state that you have been impacted by COVID. No special application or documentation needed. As always, send your forbearance request via certified mail so you can prove receipt if needed.
Additional help looks to be on the way for those unable to make their mortgage payments in the $1.9 trillion COVID-19 relief bill. Stay tuned.
For further info, please see our foreclosure and eviction page.
Renters: However, this action today does not address the Centers for Disease Control and Prevention’s federal moratorium on evictions for not paying rent. That moratorium is also set to expire March 31. About one-third of all Americans are renters. I imagine this also will be extended further, hopefully with aid to landlords to obtain forbearances of the mortgages on these properties.
Crazy times indeed.
We’re available if you need to discuss your options to pay your mortgage, avoid eviction or loss of a home or to get debt free (pay or discharge credit card debt or other unsecured debt).