WASHINGTON—The Biden administration extended a federal moratorium on home foreclosures for another three months and expanded assistance for people behind on their mortgage payments during the coronavirus pandemic.
The White House said Tuesday that it would extend a ban on home foreclosures for federally backed mortgages through June 30. President Biden had earlier extended the moratorium, which had been set to expire at the end of January, until the end of March in a series of executive actions on his first day in office.
The Biden administration also said it would give homeowners more time—through June 30—to enroll in a program to request a pause or a reduction in mortgage payments.
The federal Cares Act signed into law last March by former President Donald Trumplet borrowers postpone payments on federally backed mortgages for as long as 12 months.
Homeowners will now be able to receive up to six months of additional mortgage payment forbearance, in increments of three months, for those borrowers who entered forbearance before June 30, the White House said. Borrowers who enter into such plans can skip payments if they suffer a pandemic-related hardship but have to make them up later.