It’s been over a year since lenders and the federal government stepped in to help Americans stay in their homes amid the global health and economic crisis caused by the Covid-19 pandemic. And many Americans still need that support.
About 2.1 million homeowners are still in forbearance plans that suspend their mortgage payments, according to Mortgage Bankers Association’s latest data. And about 1.8 million families are not in forbearance, but are already at least 90 days delinquent on paying their mortgages as of April, according to the latest data from Black Knight, which monitors mortgage data.
But those protections are running short on time. 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.
n a hearing Wednesday, Senators asked the CEOs of several major banks about what they plan to do to help Americans caught in this situation. Here’s what the heads of Bank of America, Chase and Wells Fargo said.