When Will The Foreclosure Moratorium End?

Due to the adverse economic effects of the COVID-19 pandemic, the federal government has enacted moratoriums on foreclosures and mortgage forbearance, with multiple extensions on those moratoriums being passed over the last year. According to data from the Mortgage Bankers Association, about 2.1 million homeowners in America have suspended their mortgage payments through forbearance plans. An additional report by the mortgage data-monitoring group Black Knight shows that 1.8 million more families are at least 90 days delinquent on their mortgages. 

While the federal moratoriums have protected these families from eviction through the worst of the pandemic, they are due to run out very soon.

The last extension to the foreclosure moratorium was made in February of 2021, and is due to expire on June 30, 2021. On May 26th, The U.S Senate Committee on Banking, Housing, and Urban Affairs held a hearing with several Wall Street banking institutions to inquire about their plan to support customers in financial distress. In attendance were the heads of Bank of America, Chase, and Wells Fargo.

With the exception of Wells Fargo, the banks expressed plans to restart their mortgage foreclosure processes as early as July. This means that nearly 4 million Americans are just weeks away from entering into eviction proceedings. 

For families stuck in financial distress as a result of the COVID-19 pandemic, it can seem like losing their home at auction is inevitable. Fortunately, there are many options and strategies to avoid losing your house. 

I Don’t Want to Lose My Home.com is a team of legal and financial experts, armed with all the tools you’ll need to navigate the foreclosure process. Whether you’re looking to stop an auction to retain control of your home, need a loan modification to better suit your situation, or want to determine if a short sale could provide you with the funds you need to start over. 

To see how we can help save your home, visit IDontWantToLoseMyHome.com or call (516) 855-5683 for a free consultation!

Source: https://www.cnbc.com/2021/05/27/when-banks-could-restart-home-foreclosure-proceedings.html

Previous Posts

You're Not Alone in This

Reach Out Today to Get Help Saving Your Home

Talk to a Professional Today

Fill out the form below and a member of our team will reach out very shortly. 

Follow Us on Social Media