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COVID-19 Suspending Foreclosures

Suspending Foreclosures

With many homeowners facing the potential (or reality) of being laid off, many banks are suspending evictions and residential property foreclosure sales. The good thing about this is how different it is from the banks’ response during the 2008 financial crisis, when they foreclosed on thousands upon thousands of homes that couldn’t make their mortgage payments. Here’s a look at some banks that are suspending foreclosure activity due to COVID-19:

  • Bank of America: Suspending foreclosures and evictions for at least 60 days
  • Fifth Third Bank: Suspension of foreclosure activity on homes for the next 60 days
  • KeyBank: Pausing on residential property foreclosures, unless required by a federal or government agency
  • Wells Fargo: Suspending residential property foreclosure sales and evictions
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