Congressman Ryan Joins the Biden Administration in Announcing the Extension of COVID-19 Forbearance and Foreclosure Protections for Homeowners
Washington, D.C. – Congressman Tim Ryan today joined the Biden Administration in announcing the extension of COVID-19 forbearance and foreclosure protections for homeowners. The actions taken by the President will extend the foreclosure moratorium for homeowners through June 30, 2021; extend the mortgage payment forbearance enrollment window until June 30, 2021; and provide up to six months of additional mortgage payment forbearance, in three-month increments, for borrowers who entered forbearance on or before June 30, 2020.
“As homeowners and renters continue to face the economic uncertainty brought on by the COVID-19 pandemic, President Biden is doing the right thing in helping to keep Americans in their homes,” said Congressman Ryan. “Whether a renter or a homeowner, a place to call home is a fundamental right that I will always work to protect.”
Today, one in five renters is behind on rent and over 10 million homeowners are behind on their mortgage payments. People of color face even greater hardship and are more likely to have deferred or missed payments, putting them at greater risk of eviction and foreclosure. The President is committed to delivering immediate relief for American families bearing the brunt of this crisis. These critical protections were due to expire in March, leaving many at risk of falling further into debt and losing their homes. These coordinated actions will cover 70 percent of existing single-family home mortgages.
Additionally, these actions directly benefit the 2.7 million homeowners currently in COVID forbearance and extend the availability of forbearance options for nearly 11 million government-backed mortgages nationwide including military homeowners and seniors with reverse mortgages.
Extending forbearance policies will also provide critical support to homeowners of color, who make up a disproportionate share of borrowers with delinquent loans and loans in forbearance due to COVID-related hardship.