Across America, a strong economic recovery is taking hold. Since President Biden took office, more than 3 million jobs have been created—600,000 a month on average. The American Rescue Plan is working, jumpstarting the economy and getting Americans back to work. And critically, over two-thirds of adults are vaccinated, with our most vulnerable populations protected at even higher rates. In every state, jobs are up and American workers and families are looking ahead to a brighter future.
Shortly after taking office, the Biden-Harris Administration extended the foreclosure moratorium and mortgage forbearance enrollment period for homeowners with government-backed mortgages to provide relief to struggling homeowners. On June 24th, the Administration extended the foreclosure moratorium for a final, additional month until July 31, 2021 and the forbearance enrollment window through September 30, 2021, and provided up to three months of additional forbearance for certain borrowers. These actions were taken by three federal agencies that back mortgages – the Department of Housing and Urban Development (HUD), Department of Veterans Affairs (VA), and Department of Agriculture (USDA). The Federal Housing Finance Agency (FHFA) provided similar relief for mortgages backed by Fannie Mae and Freddie Mac.
COVID-19 Recovery Standalone Partial Claim: For homeowners who can resume their current mortgage payments, HUD will provide borrowers with an option to continue these payments by offering a zero interest, subordinate lien (also known as a partial claim) that is repaid when the mortgage insurance or mortgage terminates, such as upon sale or refinance;
COVID-19 Recovery Modification: For homeowners who cannot resume making their current monthly mortgage payments, the COVID-19 Recovery Modification extends the term of the mortgage to 360 months at market rate and targets reducing the borrowers’ monthly P&I portion of their monthly mortgage payment by 25 percent. This will achieve significant payment reduction for many struggling homeowners by extending the term of the mortgage at a low interest rate, combined with a partial claim, if partial claims are available.
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Recovery Modification: For homeowners who cannot resume making their current monthly mortgage payments, the COVID-19 Recovery Modification extends the term of the mortgage to 360 months
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