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400k Borrowers Behind on Mortgages

Mortgage News > 400k Borrowers Behind on Mortgages
Date: 10/07/2020    400k Borrowers Behind on Mortgages

A new report from the Urban Institute finds that roughly 400,000 U.S. mortgage borrowers are unnecessarily delinquent on their loans because they did not take advantage of COVID-19 forbearance plans. These are all mortgages that are backed by the federal government, eligible for help under Congress’ CARES Act, but the borrowers may not have known about the aid or misunderstood how it works. Overall forbearance numbers have been on the decline, with the share of mortgages in forbearance falling to 6.81% in the latest week, according to the Mortgage Bankers Association.

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