The Acting Secretary of the Department of Housing and Urban Development (HUD) has announced an extension of the deadline for borrowers with FHA mortgage loans to apply for and receive forbearance. Matthew Ammon said up to six months of deferred or reduced mortgage payments may be available to homeowners financially impacted by the pandemic who request it by March 31, 2031. An additional six-month extension to the initial forbearance term is possible.
Ammon said, "On the first day of his new Administration, President Biden took immediate actions to stem the economic devastation experienced by the nation's hardworking families because of the pandemic. Today's extension supports the President's direction by providing more time for homeowners to seek mortgage payment relief."
The changed timeline aligns with FHA's extension of its foreclosure and eviction moratoria for single family homeowners with FHA-insured mortgages which was announced last week. That relief is also extended through March 31, 2021. Ammon said both the moratoria and forbearance measures are vital first steps to provide urgent relief to safeguard those struggling with financial and home uncertainty.
FHA encourages borrowers with FHA-insured mortgages who can make their mortgage payments to continue to do so. Borrowers with FHA-insured mortgages seeking additional information on available options should visit FHA's COVID-19 Resources for Homeowners web page on FHA.gov. Information for borrowers with other types of loans may be available at the Consumer Financial Protection Bureau's coronavirus webpage.