Biden extends foreclosure moratorium on federally backed loans for another month

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WASHINGTON (WTVQ) – USDA has extended until July 31, 2021, a moratorium on disposition of property funded by USDA direct and guaranteed loans for single-family housing.

The renewal was announced on Thursday.

These actions will bring relief to the thousands of rural Americans who have home loans through the USDA.

“The United States is recovering from a nationwide housing affordability crisis caused by the COVID-19 pandemic. To support this recovery, the USDA is taking this important action today to help the hundreds of thousands of individuals and families with USDA Single Family Housing Loans, ”said Justin Maxson, USDA Deputy Assistant Secretary of Agriculture for Rural Development.

“Actions like the ones we are announcing today are part of President Biden’s strategy to vaccinate Americans and get the economy back on track. Together, this coordinated action will allow more homeowners with federally backed mortgages to stay in their homes and build capital for years to come as we return to a functional housing market. ”

After July 31, 2021, the USDA will continue to support homeowners struggling financially from the pandemic by providing loss mitigation options to help them stay in their homes.

Homeowners and renters can also visit www.consumerfinance.gov/housing Up-to-date information on their assistance options, protection, and key deadlines from the USDA, the Department of Housing and Urban Development, the Department of Veterans Affairs, the Federal Housing Finance Agency, and the Bureau of Consumer Financial Protection.

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