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USDA extends foreclosure moratorium

The moratorium applies to rural properties financed by USDA Single-Family Housing Direct and...
The moratorium applies to rural properties financed by USDA Single-Family Housing Direct and Guaranteed loans.
Published: Jun. 24, 2021 at 2:20 PM CDT
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WASHINGTON (WDAM) - The U.S. Department of Agriculture announced Thursday that the foreclosure moratorium for thousands of rural Americans has been extended until July 31.

The moratorium applies to rural properties financed by USDA Single-Family Housing Direct and Guaranteed loans.

“The United States is recovering from a nationwide housing affordability crisis brought on by the COVID-19 pandemic. To support this recovery, USDA is taking this important action today to extend relief to the hundreds-of-thousands of individuals and families holding USDA Single-Family Housing loans,” USDA Deputy Under Secretary for Rural Development Justin Maxson said. “Actions like the one we’re announcing today are part of President Biden’s strategy to get Americans vaccinated and the economy back on track. Together, these coordinated actions will enable more homeowners with federally-backed mortgages to remain in their homes and build equity for years to come as we transition back to a functional housing market.”

You can find more information on the moratorium at whitehouse.gov.

The USDA will continue to provide relief to homeowners experiencing financial hardship beyond July 31. You can find out info on these options at consumerfinance.gov.

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