The Biden Administration announced Tuesday that it will extend the Federal Housing Administration’s foreclosure and eviction moratoriums into the summer, while also extending mortgage forbearance options.
The ban on foreclosure and evictions will be in place through June 30, the Department of Housing and Urban Development announced. The Office of Public and Indian Housing also is planning to announce similar relief for Native American and Native Hawaiian homeowners.
“As President Biden has made clear, it is urgent that we help homeowners throughout the nation who are struggling financially from this unprecedented national emergency,” Acting HUD Secretary Matthew Ammon said. “The steps we are taking today will provide both immediate relief to those in desperate need of assistance and help more homeowners keep their homes and resume their payments when the pandemic subsides.”
The extension of the foreclosure and eviction moratoriums applies to all homeowners with an FHA-insured forward or Home Equity Conversion Mortgage (HECM) loan, and homeowners with a Section 184 or Section 184A mortgage loan, except for properties that are legally vacant or abandoned.
“MBA welcomes today’s announcement from HUD and the Biden Administration extending COVID-19-related homeowner relief, as well as foreclosure and eviction moratoriums, and believes it provides necessary assistance for homeowners and important guidance for mortgage servicers,” Mortgage Bankers Association President and CEO Bob Broeksmit said. “We will continue to work with the administration, Congress, and other stakeholders on aligning policies and initiatives that will help consumers during the pandemic.”