We understand that COVID-19 continues to have a heavy impact on many homeowners. Recently announced actions by the federal government seek to relieve some of that weight.
On February 16th, 2021, the federal government enacted an extension of ongoing pandemic-related homeowner protections. A coordinated effort between the Department of Housing and Urban Development (HUD), Department of Veterans Affairs, and Department of Agriculture, extensions and expansions have been made to existing safeguards put into effect last year.
The recently announced actions have:
- Extended the foreclosure moratorium for homeowners through June 30, 2021
- Extended the mortgage payment forbearance enrollment window until June 30, 2021 for borrowers who wish to request forbearance
- Provided up to six months of additional mortgage payment forbearance, in three-month increments, for borrowers who entered forbearance on or before June 30, 2020
Additionally, the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, extended forbearance by three months for borrowers nearing the end of their forbearance period.
The Consumer Financial Protection Bureau has also created a centralized resource for housing assistance at consumerfinance.gov/housing. This hub contains up-to-date information for homeowners to learn about programs and resources that can help them stay in their homes by reducing the risk of eviction and foreclosure.
As always, if you are struggling to make your mortgage payment due to the ongoing pandemic, please contact your current mortgage servicer.