Biden Administration Lengthens the Ban on Housing Foreclosure
The Joe Biden administration is paying attention to housing situations in the country and has decided to act swiftly in this regard. This is in light of how the White House decided to extend the ban on the foreclosure of housing.
The Length of the Extended Ban on Housing Foreclosure
The pandemic has hit hard on the American populace and this has affected housing plans. As a result of the inability of many members of the public to deal with the situation effectively, the president has come to their aid with the recent policy banning the foreclosure of houses for a while.
President Joe Biden is lengthening the ban on housing foreclosures to June 30 due to coronavirus pandemic to help homeowners that are struggling. It was announced earlier by the White House that over 10 million homeowners defaulted on their mortgage payments.
Joe Biden's administration has come up with this to help people maintain their shelter amidst this crisis and pandemic which is a national emergency.
This policy that has swiftly been put into effect is a welcome development by many of the masses that will have ended up without homes as a result.
Other Benefits of the Policy
However, there is more to the benefits of this new policy by the recently elected administration. The White House also announced that Veterans Affairs and Agriculture also will lengthen to June 30 the enrollment window for borrowers who want to request mortgage payment forbearance.
They will also allow for additional months of forbearance for borrowers whose forbearance was due before or on June 30.
Biden’s administration also further explained that extending forbearance will give great assistance to homeowners who are having difficulties paying back their loans due to the national emergency.
This administrative decision is one of the reasons the masses are hoping that the Covid-19 relief fund that is worth approximately 2 trillion dollars will be signed into law as soon as possible.