WASHINGTON – The Department of Veterans Affairs on Tuesday extended its ban on evictions and foreclosures until June 30.
The extension was made as part of an action by President Joe Biden on Tuesday morning to extend a ban on home foreclosures for federally backed mortgages. The extension includes all properties secured by VA-guaranteed loans.
It’s the second extension made in quick succession since Biden took office. On Jan. 29, the VA extended the ban on evictions and foreclosures until March 31.
“We will do everything in our power to help veterans, their families, survivors and our caregivers get through this pandemic,” VA Secretary Denis McDonough said in a statement.
The department also extended its timeline for accepting requests from veterans for mortgage forbearance, which would allow veterans to pause their mortgage payments or pay their mortgages at a lower rate. Those requests, also set to end March 31, will now be accepted until June 30. Borrowers who are experiencing financial hardships because of the coronavirus pandemic can call 877-827-3702 for more information.
According to the White House, 2.7 million American homeowners are enrolled in forbearance programs created during the pandemic. There are about 11 million government-backed mortgages nationwide, including those backed by the VA.
In Biden’s $1.9 trillion coronavirus relief bill, which he’s titled the American Rescue Plan, he proposed a $10 billion homeowners assistance fund to help homeowners with mortgage payments and utility costs.