Bank of America and Chase could restart mortgage foreclosures as early as July, but Wells Fargo is waiting until 2022

Bank of America and Chase could restart mortgage foreclosures as early as July, but Wells Fargo is waiting until 2022

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 . 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 , which monitors mortgage data. For now, many are protected from eviction through a foreclosure moratorium on federally backed loans. But those protections are running short on time. , 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, 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. Wells Fargo plans to extend foreclosure protections beyond the current federal moratorium. "For the loans that we own, we have extended our moratoriums for foreclosures and evictions until the end of the year," CEO Charles