The government’s foreclosure moratorium on federally backed home loans back in 2020 benefited many in the New Port Richey area who were struggling financially during a tough economic time. According to one report, approximately 2.1 million homeowners in the U.S. are still in forbearance on their mortgage payments. Moreover, as of April 2021 approximately 1.8 million homeowners in the U.S. are not in forbearance but are at least 90 days late on making their mortgage payments.
This moratorium is set to end on June 30, 2021, leaving many homeowners vulnerable to foreclosure. Whether your home will be foreclosed upon depends in part on who your lender is.
Those who have a mortgage with Wells Fargo may be relieved to learn that the bank will be extending their moratorium on foreclosures until 2022. According to a Wells Fargo spokesperson the bank has not and will not pursue any foreclosure-related activity on occupied homes until 2022, with some very limited exceptions for specific cases.
Bank of America
According to the CEO of Bank of America, their moratorium will expire on June 30, 2021. This applies both for bank-owned loans and government-backed loans. The CEO stated that the number of homeowners with mortgages with Bank of America that are currently in forbearance is down by 90%, meaning most homeowners with Bank of America have become current on their delinquent mortgage payments.
The CEO of JPMorgan Chase did not comment on whether it will move forward with foreclosure activities after June 30, 2021. The CEO did state that approximately 90% of its customers were no longer in forbearance programs. The bank will continue to align with federal deadlines on foreclosure moratoriums which as of now will end on June 30.
Learn more about foreclosure
If foreclosure is on the horizon for you, do not lose hope. You may have options, including filing for bankruptcy, that could potentially save your home. Our firm’s webpage on foreclosure defense may be of interest to those who want to learn more about their options.