If you are at risk of a foreclosure on your home, you are not alone. According to a recent Census Bureau survey, 8.2 million homeowners in the U.S. are currently behind on their mortgage payments.
On his first day in office, President Joe Biden extended the foreclosure and eviction moratorium until June 30, 2021. The extension was announced by the United States Department of Agriculture (USDA). According to USDA Deputy Under Secretary for Rural Development Justin Maxson, the extension of the moratorium is “an important step but we need to do more. The Biden Administration is working closely with Congress to pass the American Rescue Plan to take more robust and aggressive actions to bring additional relief to American families and individuals impacted by the pandemic.”
This moratorium, however, does not apply to property that is vacant or abandoned and documented as such by the USDA or the servicing lender.
President Biden’s foreclosure extension also includes an extension of COVID-19 forbearance protections for homeowners to June 30, 2021.
Homeowners who requested mortgage payment relief on June 30, 2020 or before, would be eligible for an additional grace period of up to six months, split into two month periods.
Under the Coronavirus Aid, Relief, and Economic Security Act, services of federally-backed mortgages on single family homes have been required to provide forbearances to borrowers impacted by COVID-19.
Options After Forbearance
Please note:The HAMP (Home Affordable Modification Program) introduced in 2009 under President Obama to help struggling borrowers avoid foreclosure, expired at the end of 2016. It has not been renewed.
Credit-Yogi works exclusively with Mortgage Audit Corporation for foreclosure and loan modification consultations and uses the same financial analysis software used by your lender. Credit-Yogi can have your exclusive foreclosure and loan modification consultation to you in five days. Call 1-866-964-9644 for a free consultation and complete mortgage audit.