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After extending the previous ban on home foreclosures for federally backed mortgages to March 31, President Joe Biden will now extend the mortgage relief program through to June 30, according to USA Today. The President made the decision in order to help stabilize the nation's housing affordability crisis, brought upon by the COVID-19 pandemic.
This marks the second extension of the mortgage relief program by Biden and the report also states that the administration will be extending the enrollment period for mortgage forbearance requests. The President seeks to "protect homeownership" and added that the extension is "an important step towards building stronger and more equitable communities," according to USA Today.
Biden also allocated $10 billion of the proposed $1.9 trillion COVID-19 relief bill to the Homeowners Assistance Fund. The fund would provide states with federal assistance for homeowners that are struggling with mortgage payments and utility costs, according to the report.
USA Today revealed that more than 10 million adults live in a household that is behind on mortgage payments.
Click here to learn more about the extension.