Biden's latest mortgage assistance can cut your monthly payment by up to 25%.
While most U.S. homeowners have come through the pandemic unscathed, or even further ahead thanks to money-saving refinances at cheap mortgage rates, millions of others have had to opt for forbearance to put their loan payments on hold. A federal foreclosure ban provided them further protection.
Now, those safeguards are falling away.
Though more than 1.74 million mortgages were still in forbearance as of Aug. 10, according to mortgage data and technology provider Black Knight, the foreclosure moratorium expired on July 31, after multiple extensions.
Some homeowners may find themselves unable to resume their regular payments if lenders refuse to extend their forbearance periods. But if that’s the boat you’re in, new initiatives from President Joe Biden's administration could help keep you afloat.
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