Payment relief for borrowers of federally-backed mortgages provided under the CARES Act was set to expire in March for over two million Americans. However, on February 16, the Biden administration announced an extension of the moratorium on foreclosures and the deadline to request mortgage forbearance through at least June. Furthermore, borrowers who entered forbearance on or before June 30, 2020 would be granted up to six months of additional mortgage forbearance in three-month increments. The White House believes these actions should protect about 70% of U.S. single-family home loans, according to its latest press release. The move provides a significant number of Americans the ability to keep their homes and pause their mortgage payments during the ongoing pandemic.

Click here to read more.