Biden extends foreclosure moratorium for struggling US homeowners

More than 10 million homeowners in the United States are behind on their mortgage payments, the White House said, and a wave of foreclosures and evictions could make the COVID-19 crisis worse.

United States President Joe Biden extended a federal moratorium on foreclosures and mortgage forbearance policies on Tuesday, giving the more than 10 million homeowners who are behind on payments additional months of assistance as the coronavirus pandemic continues to ravage the US economy. Biden’s announcement extends the moratorium on foreclosures through the end of June after it was due to expire at the end of next month. The policy also extends the mortgage forbearance window until June 30 and provides up to six months of additional mortgage payment relief for the 2.7 million Americans who are already receiving it, the White House said in a statement. Not everyone is covered under the policies announced on Tuesday, however. The current forbearance programme only applies to Americans whose mortgages are government-backed — about 70 percent of existing single-family home mortgages.