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New Mortgage Forbearance Relief Plan Announced by President Biden

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Mortgage and Lending with ChangeMyRate.com® A Mortgage Corporation NMLS #1326269

A moratorium on foreclosures ends July 31, and mortgage forbearance programs phase out Sept. 30, but the economy has yet to fully recover from last year’s coronavirus recession. With that reality in mind, President Joe Biden today announced a new round of relief for mortgage borrowers who are struggling to get back on track.

The program lets borrowers negotiate reductions to their monthly payments of up to 25 percent. The newly unveiled mortgage modifications apply to loans backed by the Federal Housing Administration, the U.S. Department of Veterans Affairs and the U.S. Department of Agriculture. Borrowers with loans backed by Fannie Mae and Freddie Mac already can negotiate 20 percent cuts to their payments, Biden said.

“This brings options for homeowners with mortgages backed by HUD, USDA, and VA closer in alignment with options for homeowners with mortgages backed by Fannie Mae and Freddie Mac,” Biden said in a statement.

To learn more about the new mortgage forbearance relief plan and the home buying process, visit the SCOOP! Blog

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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Whatever actually works is whatever I am and that's my general philosophy right now. :

Jul 24, 2021 10:22 PM
Jackie A. Graves

Hi Laura, thank you for your comment. Stay posted for future blog post and make it a great day. 🙂

Jul 24, 2021 11:06 PM