{"id":107194,"date":"2021-02-16T17:42:10","date_gmt":"2021-02-16T17:42:10","guid":{"rendered":"https:\/\/fin2me.com\/?p=107194"},"modified":"2021-02-16T17:42:10","modified_gmt":"2021-02-16T17:42:10","slug":"biden-extends-protections-for-homeowners-heres-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/biden-extends-protections-for-homeowners-heres-what-you-need-to-know\/","title":{"rendered":"Biden extends protections for homeowners. Here&#x27;s what you need to know"},"content":{"rendered":"<ul>\n<li>Struggling homeowners received some welcome news on Tuesday, with the Biden administration announcing it will extend forbearance and foreclosure relief.<\/li>\n<li>Wondering if you qualify and how to seek out the help?<\/li>\n<li>Here&#x27;s what we know so far.<\/li>\n<\/ul>\n<p>Homeowners struggling amid the coronavirus pandemic received some welcome news on Tuesday, with the Biden administration announcing it will extend forbearance and foreclosure relief programs.<\/p>\n<p>The White House said that the move will benefit the 2.7 million homeowners currently in Covid forbearance and extend the availability of forbearance options for around 11 million other government-backed mortgages nationwide.<\/p>\n<p>&quot;Since the crisis is going on much longer than anyone anticipated, it&#x27;s only appropriate to extend remedies that we know are working,&quot; said Sarah Gerecke, an associate professor of planning at New York University. Many of those relief options were scheduled to expire next month.<\/p>\n<p>Have questions about the new protections? Here are some answers.<\/p>\n<h2>Does my mortgage qualify for the new protections?<\/h2>\n<p>Federally backed mortgages, or about 70% of borrowers, are eligible for the additional forbearances.<\/p>\n<p>If you have such a home loan, you can enroll in a forbearance until June 30, and potentially for six months after. If you have a mortgage from Fannie Mae or Freddie Mac, you can delay your payments for at least another three months.<\/p>\n<p>&quot;The easiest way to find out if you are eligible and to seek payment relief if you need it is to reach out to your lender,&quot; said Greg McBride, chief financial analyst at Bankrate.com.<\/p>\n<h2>How do I request the forbearance?<\/h2>\n<p>Call your lender as soon as possible.<\/p>\n<p>If you&#x27;re unsure of your mortgage provider, the Consumer Financial Protection Bureau has a guide to figuring that out.<\/p>\n<p>The U.S. Department of Housing and Urban Development also has a database of housing counsellors (found by ZIP code) that can help you understand your options.<\/p>\n<p><strong>More from Personal Finance:<\/strong><br \/>This tax pitfall could affect millions due to Covid<br \/>President Biden has long-term plans to bring back jobs<br \/>Why the 401(k) won&#x27;t fix the U.S. retirement crisis<\/p>\n<h2>Will I need to prove that I qualify for the forbearance?<\/h2>\n<p>Onerous paperwork requirements prevented many homeowners from getting relief during the 2008 crisis, McBride said.<\/p>\n<p>Fortunately, during the pandemic, you only have to attest that you&#x27;ve suffered a financial hardship.<\/p>\n<h2>Do I have to do anything if I&#x27;m already in forbearance?<\/h2>\n<p>Yes. Your forbearance will not automatically renew.<\/p>\n<p>&quot;You must contact your lender and ask for it,&quot; McBride said.<\/p>\n<h2>How long can I be in forbearance for?<\/h2>\n<p>Some people will be in forbearance for as long as 18 months, since the first stimulus package passed in March, the CARES Act, offered homeowners two 180-day relief periods, and now the Biden administration is granting them two additional three-month breaks.<\/p>\n<h2>How will my missed payments be calculated?<\/h2>\n<p>Fortunately, if you qualify for the forbearance, you don&#x27;t need to make up your payments in a lump sum at the end of the relief period. (Although if you&#x27;re one of the 30% of homeowners who don&#x27;t have a government-backed or guaranteed mortgage, you might.)<\/p>\n<p>Instead, you can ask that your payments be tacked on to the end of your loan, McBride said.<\/p>\n<p>For example, if you missed 12 months of payments, a 30-year mortgage would now take you 31 years to pay off.<\/p>\n<h2>What if I&#x27;m at risk of foreclosure?<\/h2>\n<p>You should be safe until at least the end of June.<\/p>\n<p><em><strong>&quot;<\/strong><\/em>You will not be foreclosed on during the period of the moratorium unless you have vacated or abandoned your property,&quot; said Sara Singhas, director of loan administration at the Mortgage Bankers Association.<\/p>\n<h2>I&#x27;m a renter. Does this offer me any protections?<\/h2>\n<p>These new policies don&#x27;t extend any direct relief to renters.<\/p>\n<p>However, on his first day on office Biden, extended a ban on evictions for nonpayment through March. A $25 billion rental assistance fund has also been distributed among states. To learn how to apply for the cash, check out this story.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/02\/16\/biden-extends-protections-for-homeowners-what-you-need-to-know-.html\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Struggling homeowners received some welcome news on Tuesday, with the Biden administration announcing it will extend forbearance and foreclosure relief. Wondering if you qualify and [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":107193,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Biden extends protections for homeowners. 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