Millions of homeowners are now delaying their mortgage payments

As the coronavirus continues to wreak havoc on the US economy, millions of homeowners have taken advantage of a government program that enables them to reduce or delay their mortgage payments.

The Biden administration announced Tuesday morning extensions to several policies that will keep people in their homes a little longer during the pandemic.

As of Tuesday, the White House said it is extending the foreclosure moratorium for homeowners through June 30, 2021. It is extending the mortgage forbearance enrollment window until June 30 for borrowers who want to request forbearance. Finally, the White House said it will provide up to six months of additional mortgage payment forbearance, in three-month increments, for borrowers who entered forbearance on or before June 30, 2020.

The extensions add onto programs started during the Trump Administration as the pandemic continues to ravage the nation's economy.

Last week, the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, extended forbearance by three months for those coming to the end of their forbearance period. The administration said the combined actions should cover 70 percent of existing single-family home mortgages.

"To bolster these efforts, it is critical that Congress pass the American Rescue Plan to deliver more aid to struggling homeowners," the White House said in a statement. "This relief is critical for homeowners with mortgages in the private market who are not able to take advantage of today's actions and may face longer term challenges."

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