Mortgage Forbearance End Date Extension
The Biden Administration has extended the ban on foreclosures and mortgage forbearance through June 2021.
This is an extension of the CARES Act previously enacted by the prior administration. Close to 25% of forbearance programs were set to expire at the end of March, 2021.
A mortgage forbearance is a temporary suspension of your mortgage payments. You essentially put off paying your mortgage this month and add the payment on to the back of your loan.
Be aware if you are considering refinancing or making a new purchase. Taking advantage of a forbearance program could very well affect the status and your ability to obtain or refinance a loan.
Interestingly, the moratorium on evictions was not suspended. As it stands now, evictions are set to resume at the end of March.
If you have questions and how to take advantage of mortgage forbearance, feel free to reach out.