White House plans more assistance for troubled mortgage borrowers at risk of foreclosure

(ZEROHEDGE) – A national foreclosure ban extended by the Biden Administration is set to expire one week from today. And in an effort to prevent a wave of foreclosures that would risk capsizing America’s red-hot housing market, the Administration has devised a new program designed to offer more relief to homeowners who still can’t afford their mortgage payments (typically, because their household income has yet to recover), WSJ reports.

Presently, homeowners are allowed to skip monthly payments for up to 18 months with no penalty (on the understanding they make them up later). But for borrowers who opted into the plan early in the pandemic, the relief will expire later this year (while banks will be allowed to resume foreclosures as of July 31).

That so many American borrowers need this assistance – which at best will function as a kind of band-aid, since borrowers will still need to make good on their debts – is a reminder that the torrid advance in home prices across the US might be vulnerable to a 2007-style reversal.

Read the full story ›

The post White House plans more assistance for troubled mortgage borrowers at risk of foreclosure appeared first on WND.

Click this link for the original source of this article.
Author: WND News Services


This content is courtesy of, and owned and copyrighted by, https://www.wnd.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact USSANews.com using the email address in the Contact page found in the website menu.

0 Comments
Inline Feedbacks
View all comments

USSANews.com
A better search engine: DuckDuckGo.com.
Visit our Discussion Forum at Libertati.com.

Follow us: