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New Aid Coming for Mortgage Borrowers at Risk of Foreclosure

Biden is seeking to reduce monthly mortgage payments by up to 25% for those with federally backed mortgages who are at the end of forbearance

7/24/2021 10:30:00 AM

Biden is seeking to reduce monthly mortgage payments by up to 25% for those with federally backed mortgages who are at the end of forbearance

The Biden administration aims to reduce monthly payments by up to 25% for those with federally backed mortgages who are at the end of forbearance plans.

Updated July 23, 2021 2:16 pm ETBorrowers who fell behind on their mortgages during the Covid-19 pandemic and continue to face economic hardship will get help from a Biden administration program announced on Friday, a bid to prevent a sharp rise in foreclosures over the coming months.

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The program would allow borrowers with loans backed by the Federal Housing Administration and other federal agencies to extend the length of their mortgages, locking in lower monthly principal and interest payments. About 75% of new home loans are backed by the federal government, according to the Urban Institute.

Friday’s changes are aimed at homeowners who took advantage of so-called forbearance programs that allowed them to skip monthly payments for up to 18 months, but who can’t resume making those normal payments as that relief begins to expire.Adding new modification options for struggling homeowners is “an important additional step to give people the opportunity to stay in their homes after they had a hardship during the pandemic,” said Bob Broeksmit, president and chief executive of the Mortgage Bankers Association. headtopics.com

About 1.55 million homeowners are seriously delinquent—meaning they haven’t made mortgage payments in at least 90 days, according to the mortgage-data firm Black Knight Inc. These borrowers, the bulk of whom have forbearance plans, may be most at risk of foreclosure in the coming months. They represent about 2.9% of the 53 million active mortgages, down from a high of about 4.4% in August and September 2020.

Read more: The Wall Street Journal »

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Why are people at foreclosure in the first place, with so many employers hiring these benefits are just going to make people more lazy and get into a spend it all culture instead of saving and incur debt for our future generations! The best choice I've made this year was investing in cryptocurrency and forex trading and earning from home. With the help of lisaFx090 I've been earning $7500 weekly I've never regretted this decision.

Yea! Who pays for it again ? Biden has the right idea this time around, compared to 2009 Great Recession However, somewhere along the line this time, some one needs to eat those losses, other than tax payers Oh joy, now I pay my rent increases and other peoples rent/mortgage. Love watching pricing go parabolic and then having to pay other people’s mortgages via inflation from this. This country is drunk on spending and they don’t gaf about those who are responsible.

Biden magic When covid first started I would’ve said hurrah - good move. But, at this point, it’s blowing a massive housing bubble increasing prices and rents for others by constraining supply. It’s time for the moratoriums to end. good

Biden to introduce new aid for mortgage borrowers at risk of foreclosureThe Biden administration on Friday plans to expand assistance programs for borrowers who fell behind on their mortgages during the Covid-19 pandemic and... further aiding inflation wow Just prolong it

Biden administration unveils new aid to prevent foreclosure spikeIn a bid to stave off a surge in foreclosures, the Biden administration has unveiled new loan modification options for homeowners with government-backed mortgages I don’t know I’m stuck renting although I could easily afford a mortgage, it’s shit like this that pisses me off. Where was my bailout for rent last year when I desperately needed it?

Biden officials shift to an urgent tone as Covid-19 fight enters troubling new phaseBiden administration officials acknowledged Thursday the pandemic that appeared to be waning a month ago has entered a new, troubling phase. 👁💀 Because they lifted the mask mandate too soon I knew this was coming when people started going all out like Covid was over. I already started wearing my mask again.

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