With the foreclosure moratorium for federally backed mortgages set to expire next week, the Biden administration is giving borrowers additional options to reduce their mortgage payments.

The Department of Housing and Urban Development (HUD), Department of Agriculture (USDA), and Department of Veterans Affairs (VA) will give homeowners options to reduce their monthly principal and interest by lengthening the term of the mortgage, bringing the agencies “closer in alignment with options for homeowners with mortgages backed by Fannie Mae and Freddie Mac,” a White House press release said.

The ban on foreclosures for federally backed mortgages will expire on July 31, after the details ⇒

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