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Since early 2020, banks across the U.S. have been banned from foreclosing on homes as part of the federal government's efforts to assist families feeling the economic pain caused by the pandemic. An estimated 1.75 million homeowners are in some sort of forbearance plan with their bank. By comparison, about 10 million homeowners lost their homes to foreclosure after the housing bubble burst in 2008.
Banks have little incentive to put delinquent homeowners into foreclosure at the moment. Housing prices have been rising steadily for years, and many parts of the country are now are facing record high prices for existing homes. It also takes time to start foreclosure proceedings, at least 120 days per federal law, plus time for court proceedings.
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RAISING THE BAR 
