Biden extends mortgage relief, foreclosures

By Ovunc Kutlu

ANKARA (AA) – US President Joe Biden announced a program Tuesday that extends due dates for mortgages and foreclosures for homeowners that are in dire straits amid the pandemic-hit American economy.

"The COVID-19 pandemic has triggered a housing affordability crisis. Now, homeowners will receive urgently needed relief as we face this unprecedented national emergency," the White House said in a statement.

The measure extends the duration of mortgages and foreclosures from the previous deadline in March through June and provides up to six months of additional forbearance.

While more than 13 million people in the US live in rental housing, more than 10 million homeowners are behind on mortgage payments, according to the Center on Budget and Policy Priorities.

Biden's $1.9 trillion relief package, the American Rescue Plan, includes $10 billion in homeowners assistance to help struggling homeowners catch up on mortgage payments and utility costs.