top of page

Biden to extend moratorium on evictions and foreclosures

Writer's picture: Payton Legal GroupPayton Legal Group

President Joe Biden plans to extend bans on home evictions and foreclosures imposed last year to mitigate the dual economic and health crises spurred by the COVID-19 pandemic.


As part of a package of executive orders Biden plans to sign within hours of his Wednesday inauguration, he will ask the Centers for Disease Control and Prevention to delay expiration of an order barring landlords from pushing out some tenants for non-payment of rent. The order calls for the moratorium, set to expire at the end of this month, to be extended through at least March 31.


In addition, Biden plans to ask the departments of Veterans Affairs, Agriculture and Housing and Urban Development to consider extending foreclosure restrictions and forbearance relief.


Biden’s economic team had previously signaled they would seek an extension of the CDC moratorium, adding that it would give tenants certainty that they won’t be cast out of their homes in the face of a public health emergency that has seen millions of Americans lose their jobs and fall deeper into debt. Officials have also warned that ejecting swaths of renters during the US winter as COVID-19 rages would exacerbate the virus’s spread.


The US economy, which was largely shut down as the pandemic peaked, has seen an uneven recovery that has largely spared white-collar workers while severely hitting people in lower-paying jobs. The poverty rate hit 11.7% in November, with 7.8 million Americans added the to the ranks of the poor since midyear, according to a monthly COVID poverty tracker devised by three economists.


Landlords’ deficit


Landlords are owed more than $70 billion in back rent, utilities and additional fees, according to an estimate by Mark Zandi, chief economist at Moody’s Analytics.


The CDC order was part of an overlapping series of responses to the pandemic’s economic impact from US agencies including HUD and the Federal Housing Finance Agency.


The FHFA, the independent agency that oversees Fannie Mae and Freddie Mac, said in December that some landlords with loans financed by the two mortgage giants can pause payments through March so long as they don’t evict tenants for non-payment of rent. On Tuesday, the FHFA said Fannie and Freddie would pause foreclosures and evictions on homeowners through February.


HUD, which guarantees mortgages for lower-wealth borrowers, in December extended its own foreclosure and eviction moratorium through February.

3 views0 comments

Recent Posts

See All

Yorumlar


  • Facebook
  • Twitter
  • YouTube
  • Pinterest
  • Tumblr Social Icon
  • Instagram

© 2023 Payton Law Group

Attorney Advertising. This website is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. We are a debt relief agency. We help people file for relief under the bankruptcy code.  Attorney Rusty Payton and Payton Legal Group LLC are responsible for the content of this site.  Attorney Rusty Payton is licensed to practice law by the Supreme Court of Illinois and by the United States District Court for the Northern District of Illinois and the United States Bankruptcy Court for the Northern District of Illinois. The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law. Certification is not a requirement to practice law in Illinois. 

Attorney Rusty A. Payton has practiced in Chicago for the last thirty years. He is an honors graduate of the Ohio State University and the Ohio State College of Law. His practice areas are centered around helping people and businesses with some of the most important aspects of their financial lives. Buying a home, signing a lease, getting a security deposit back, forming a new business, filing bankruptcy, negotiating debt relief, dealing with foreclosure or working with a mortgage lender to modify a loan or perform a short sale - these are all common aspects of the firm's practice.

Mr. Payton's overriding concern is to always match his clients' goals with the best and most practical legal solution.  He does this by listening, communicating and employing legal strategies and remedies that suit the particular client situation. He understands that every client brings a unique set of facts and circumstances to the table.  His work on behalf of all clients is just as personal.  At our firm, clients are treated with the utmost respect, and their legal needs are met with exceptional attention to detail, understanding and professionalism.

bottom of page