The extension of the foreclosures ban ought to assist owners in Las Vegas

The Biden administration is extending the country’s foreclosure freeze, a move that could prove particularly helpful to Las Vegas homeowners as the valley struggles with a troubled economy and an above-average rate of late mortgage payments.

The White House announced Tuesday that the government is extending the homeowner foreclosure moratorium through June and also extending the window for registering mortgages for indulgence through June.

Such safeguards should expire next month, putting “many at risk of further debt and losing their homes,” a press release said.

The coronavirus pandemic has resulted in massive job losses across the country, particularly in the tourism-dependent southern Nevada. Just over 10 million homeowners are behind on their mortgage payments, according to the White House.

As of November, 6.1 percent of mortgages in the Las Vegas area were at least 90 days late, compared with 3.9 percent nationally, real estate tracker CoreLogic recently reported.

This is a developing story. Check for updates again.

Contact Eli Segall at [email protected] or 702-383-0342. Follow @eli_segall on Twitter.

Comments are closed.