Key Points:

• The foreclosure moratorium and forbearance windows will not expire in March.
• It is estimated that 10 million homeowners are behind on their mortgages.

There is good news today for homeowners still struggling to meet their mortgage obligations due to the havoc of COVID-19. The foreclosure moratorium and forbearance window were due to expire in March, but through efforts of the Departments of Housing and Urban Development, Veterans’ Affairs, and Agriculture they will now be extended through June 30^th, 2021. This action will include up to six additional months of forbearance for homeowners who entered into forbearance agreements on or before June 30^th, 2020. 

With 2.7 million homeowners currently in forbearance agreements, this step is a timely move to prevent further COVID related disaster. Extension options will also be available for approximately 11 million homeowners across the country with government backed mortgages. It is estimated that 10 million homeowners are behind on their mortgages due to the pandemic.