Foreclosure Warning! Lenders To Resume Foreclosures On July 1st When Federal Foreclosure Moratorium Ends

Foreclosure AlertForeclosure Warning! Homeowners in default on your mortgage better figure out a plan to save their home. The federal foreclosure moratorium is expiring July 1st. Lenders are lining up at courthouses across the US to file foreclosure documents.

Lenders and the federal government stepped in March 2020 to help homeowners affected by Covid-19. 

Black Knight estimates 1.8 million families are at least 90 days delinquent on paying their mortgages payments as of April.

President Joe Biden extended the federal foreclosure moratorium earlier this year, but that will expire on June 30, 2021. Many of the forbearance programs on federally backed loans are set to lapse this fall. 

In a hearing Wednesday, Senators asked the CEOs of several major banks about what they plan to do to help Americans caught in this situation.

Wells Fargo is the only lender stating they plan on waiting until January to commence with foreclosures.

BofA CEO Brian Moynihan said that the bank’s foreclosure suspension would run through the end of the quarter. The quarter ends June 30. He added that the number of BofA customers potentially at risk of falling delinquent is down by 90%. 

JPMorgan Chase CEO Jamie Dimon did not comment on when Chase planned to resume foreclosures and evictions during the hearing, but said that about 90% of Chase customers had also exited forbearance programs.

Dimon’s written testimony specified that the bank has extended forbearance options for about 2 million mortgage, auto and credit card accounts since the start of the pandemic. 

Chase declined to comment on whether the bank supported the CFPB’s proposed rule banning foreclosure proceedings until 2022.

(1) Comment

  • Jon Nisbet 12:11:41 pm June 8, 2021

    I have the exact same situation SPS. Not only violated there class action suit from 2015 including Assurant insurance company and force placing flood insurance it now says is not needed after stealing 5800 & and wrecking my 780 beacon credit score ! Forced me into escrow in which refused pay the claim and the asked for a inspection and caused my insurance to be dropped but then I found a paper showing it was not paid on time and they kept 5500 in escrow without telling me for 2 year while threatening foreclosure mean while I’m missing years of payment history abd have proof of escrow theft from the beginning !! While using MERS anf having no note I faked for note and now it’s pulled out of Mers and another sexurynitr issued !! Mean shine all the original signatures like Janet from jp mirgsm and other are robo stamps and SPL had no authority to enforce or change the loan or take off flood insurance as per the loan agreement!! I have all original documents so I’m gonna go after these crooks

Write A Comment

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ready to get started?

Speak to a specialist at (888) 737-6344

PHP Code Snippets Powered By : XYZScripts.com