Sunday, 07 August 2022

Biden Administration announces another foreclosure moratorium and mortgage forbearance deadline extension that will bring relief to rural residents

WASHINGTON, DC – The U.S. Department of Agriculture announced an extension of eviction and foreclosure moratoriums on USDA Single Family Housing Direct and Guaranteed loans through June 30, 2021.

The actions announced today will bring relief to residents in rural America who have housing loans through USDA.

“USDA recognizes that the COVID-19 pandemic has triggered an almost unprecedented housing affordability crisis in the United States. That’s why USDA is taking this important action today to extend relief to the hundreds-of-thousands of individuals and families holding USDA Single Family Housing loans,” USDA Deputy Under Secretary for Rural Development Justin Maxson said. “While today’s actions are an important step for them, we need to do more. The Biden Administration is working closely with Congress to pass the American Rescue Plan to take more robust and aggressive actions to bring additional relief to American families and individuals impacted by the pandemic.”

A recent Census Bureau survey showed that 8.2 million homeowners are currently behind on mortgage payments, and of that 8.2 million, 3 million homeowners behind on payments were Black or Hispanic.

This effort underscores a commitment by USDA to bring relief and assistance to farmers, families and communities across the country who are in financial distress due to the coronavirus pandemic.

In January, USDA took action to bring relief to more than 12,000 distressed borrowers of USDA farm loans by temporarily suspending past-due debt collections, foreclosures, non-judicial foreclosures, debt offsets or wage garnishments, and more.

Learn more at the following link: USDA Temporarily Suspends Debt Collections, Foreclosures and Other Activities on Farm Loans for Several Thousand Distressed Borrowers Due to Coronavirus.

Visit www.rd.usda.gov/coronavirus for additional information on USDA’s Rural Development COVID-19 relief efforts, application deadline extensions and more.

USDA Rural Development will keep our customers, partners and stakeholders continuously updated as additional actions are taken to bring relief and development to rural America.

Homeowners and renters can also visit www.consumerfinance.gov/housing for up-to-date information on their relief options, protections, and key deadlines from USDA, the Department of Housing and Urban Development, the Department of Veterans Affairs, the Federal Housing Finance Agency, and the Consumer Financial Protection Bureau.

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