The
White House announced on Tuesday that the various COVID-19 relief programs
available through The Department of Housing and Urban Development, Veterans
Administration, and the Department of Agriculture will be extended. The forbearance
program, which allowed homeowners to postpone or reduce mortgage payments, was
due to reach the final 12-month mark for many borrowers on March 31. 2021. That
has been extended until June 30, 2021.
 There
will also be a provision to allow homeowners who have been impacted by the
pandemic to apply to enter the program until June 30, 2021. President Joseph Biden had already extended the foreclosure
moratoriums for federally guaranteed mortgages to June 30, 2021 the day after
his inauguration.

The White House announcement brings the relief efforts
of those with FHA, VA, and Rural Housing Administration (RHA) mortgages into line
with those available to Fannie Mae and Freddie Mac borrowers. The Federal
Housing Finance Agency announced the extension of their forbearance programs
last week. Together these actions will cover 70 percent of existing
single-family mortgages.

The
White House press release states, “Today’s
actions directly benefit the 2.7 million homeowners currently in COVID
forbearance
and extend the availability of forbearance options for nearly 11
million government-backed mortgages nationwide. Communities large and small
need this assistance. That is why the Department of Housing and Urban
Development, Department of Veterans Affairs, and Department of Agriculture
worked in concert to deliver across-the-board relief for urban, suburban,
rural, and military homeowners, including seniors with reverse mortgages.”

There is also a centralized resource
for housing assistance. www.consumerfinance.gov/housing
has information on programs and resources for both homeowners and renters.

By Jann Swanson , dated 2021-02-17 09:33:26

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Courtesy of Mortgage News Daily

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