With cases of COVID-19 now nearing close to 180,000 in the United States, significant and perhaps irreparable damage has been dealt to the economy. Worryingly, there’s almost certainly more disruption to come. Layoffs have already begun, with unemployment applications hitting a historic high with more than three million workers filing for jobless benefits last week.
This means many Americans are already being subjected to financial hardship due to the spread of COVID-19. The good news, for many Americans who are homeowners, banks and lenders have been instituting financial relief programs related to their homes. This can include measures like deferment of mortgage payments for a period of time, waiving late fees on loan products or even lowering interest rates.
Banks That Are Suspending Foreclosures During Coronavirus Crisis
Another relief measure that some major banks have already announced is suspension of foreclosure activity. If your bank is doing this, it could be a major relief for homeowners during these unprecedented times. Some banks have only announced they’re enacting suspensions but haven’t mentioned for how long. Other banks have announced terms ranging from 30 days to 90 days. Read on to find out which banks are suspending foreclosures in response to COVID-19.
- Ally Bank: Evictions and foreclosure proceedings are suspended until July 30.
- Associated Bank: Foreclosure actions on residential properties are suspended for 60 days, unless required by federal or government agencies.
- Bank of America BAC : Evictions and foreclosures are suspended for at least 90 days.
- Citizens Bank FCNCA : Home foreclosures have been automatically suspended for up to 60 days.
- Fifth Third Bank FITB : All foreclosure activity is suspended for the next 60 days.
- First National Bank CYN : New foreclosures are suspended for customers directly impacted by COVID-19.
- First National Bank of Omaha: Foreclosure-related activities have been temporarily paused.
- Flagstar Bank FBC : All foreclosure, eviction and repossession activity is suspended through the end May 2020.
- Huntington National Bank HBAN : Foreclosure-related activity specific to residential properties are suspended through the end of May 2020.
- KeyBank: Residential property foreclosures have been paused, unless required by a federal or government agency.
- Regions Bank: New efforts to start property foreclosures on consumer real estate loans are suspended for 30 days.
- Santander Bank: Foreclosures on mortgages and home equity lines of credit are suspended.
- TCF Bank MTB : All new residential property foreclosure actions have been suspended through the end of April 2020.
- Webster Bank WBS : Foreclosure on residential loans has been put on a 90-day moratorium.
- Wells Fargo WFC : Residential property foreclosures sales and evictions have been suspended.
For information on deferment programs beyond mortgages and other COVID-19-related banking programs, check out the full report on banking assistance during the coronavirus crisis.