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More help coming to stem foreclosures – Press Telegram

Nancy Cook | Bloomberg

The White House announced on Friday plans to expand aid for mortgage borrowers who were late in paying during the coronavirus pandemic.

According to the White House fact sheet, homeowners with government-sponsored mortgages that have been adversely affected by the pandemic will be provided with enhanced support aimed at reducing monthly payments by about 25%. ..

According to the White House, the move aims to more closely link mortgage options backed by the Department of Housing and Urban Development, USDA, and the Department of Veterans Affairs with mortgage options backed by Fannie Mae and Freddie Mac. is.

As the economy began to revive after the Covid-19 blockade, government officials continue to closely monitor the housing market. House prices rose during the pandemic. At the same time, millions of Americans are absent from work, making people struggling to pay mortgages and rent.

The government wants to ensure that people don’t lose their homes or apartments during a major public health crisis if they can’t pay their bills.

Earlier this year, Biden extended the foreclosure moratorium and the length of time that homeowners could enroll in a mortgage grace program if they had a government-sponsored loan. In June, the administration extended the foreclosure moratorium to July 31 for the last month and the foreclosure period to September 30.

Approximately 7.2 million American households used the tolerance option.

This latest step seeks to provide some help to those who have government-sponsored mortgages.

More help coming to stem foreclosures – Press Telegram Source link More help coming to stem foreclosures – Press Telegram

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