Three months after the end of a federal foreclosure moratorium intended to keep people in their homes during the pandemic, foreclosure activity continues to increase across the region and nationwide.
Most foreclosure filings — including default notices, scheduled auctions, or bank repossessions — are on vacant and abandoned properties or loans that were in foreclosure before the pandemic, according to real estate data provider Attom. The moratorium covered about 70% of the nation’s mortgages and about 80% of Philadelphia’s home loans.
Other policies preventing lenders from starting the foreclosure process will expire at the end of the year, when many homeowners will exit forbearance plans that allowed them to delay mortgage payments during the pandemic.
