Financially-distressed homeowners have one more month to become current on their mortgages, or enter a forbearance program.
The foreclosure moratorium has been extended several times since April 2020. Most recently, it was supposed to expire on Jun 30, 2021. However, the federal government has announced one more “final” extension of the moratorium, now scheduled to expire on July 31, 2021.
The moratorium applies to mortgages owned or backed by:
- Fannie Mae;
- Freddie Mac;
- the Federal Housing Administration (FHA);
- the U.S. Department of Veterans Affairs (VA); and
- the U.S. Department of Agriculture (USDA).
Homeowners unable to become current by the expiration date will be allowed to enter a forbearance program. These programs’ enrollment period will remain open through September 30, 2021.
Meanwhile, the White House has directed the VA, USDA and the Department of Housing and Urban Development (HUD) — which oversees FHA-insured mortgages — to offer additional options for homeowners to reduce their payments and remain in their homes.
For renters, California has also extended the eviction moratorium through the end of July. Read more about this latest extension of the eviction moratorium here.
Related page:
