Expert on Federal Mortgage Help Extended Beyond July

Paul Greaney
By Paul Greaney
July 23, 2021NTD Business
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The Biden administration is extending help to homeowners as the pandemic mortgage forbearance program ends next week. Now, if you have a government backed-mortgage and are hurting financially from the pandemic, you might be able to restructure your loan.

For housing and urban development-backed loans, you can potentially take your outstanding mortgage balance and spread it out over the next 30 years at today’s historically low rates. The idea is to reduce your monthly liability by 25 percent.

The White House says over 7 million people took advantage of forbearance programs and paused their mortgage payments at some point during the pandemic. It says that number is now down to 1.7 million Americans.

NTD talked to Debbie Sousa, the executive director at the Massachusetts Mortgage Bankers Association, about the news.

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