WASHINGTON – The Biden administration announced Friday it is putting in place new loan modifications and payment reductions to help homeowners who have fallen behind on their mortgage payments during the coronavirus pandemic.
The modifications are aimed at staving off a wave of foreclosures and will allow homeowners with federally backed mortgages to extend the life of their loans and reduce their interest rates. The measures will apply to those who cannot afford to resume their monthly mortgage payments.
According to the White House, the assistance program will provide homeowners with a roughly 25% reduction in borrowers’ monthly principal and interest payments. The program benefits homeowners with loans backed by one of three federal agencies:Housing and Urban Development, Agriculture or Veterans Affairs. The changes are similar to earlier loan assistance made available to Americans who havemortgages from Fannie Mae and Freddie Mac.
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