A federal moratorium on foreclosure expires July 31, and the administration of President Joe Biden has said it won’t extend the protections any longer, despite foreclosure still being a concern for some households. About 1.1 million of the 5.9 million people who reported being behind on mortgage payments said they were “somewhat” or “very” likely to lose their home to foreclosure in the next two months, according to a Census Bureau survey taken June 23 through July 5. However, borrowers with mortgages backed by the federal government can still enroll for forbearance—that’s when a borrower is allowed to temporarily stop making payments—through Sept. 30. About 1.75 million people in the U.S. remain in forbearance programs, the White House statement said, down from the nearly 7.2 million households that have taken advantage of forbearance since last year. Have a question, comment, or story to share? You can reach Rob at ranthes@thebalance.com.
