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600,000 Mortgage Forbearance Plans to End in March
Mortgage News > 600,000 Mortgage Forbearance Plans to End in March
Date: 02/02/2021
Of the 2.7 million homeowners currently enrolled in mortgage forbearance programs, 600,000 will have their terms finish at the end of March, according to Black Knight Financial. These 12-month plans allowed borrowers to push pause on their mortgage payments during the COVID-19 pandemic, but now that many limits are up, experts are expecting to see a rise in delinquencies. Early in the pandemic, nearly half of all homeowners in forbearance continued to make their monthly payments, but today that number has fallen to just 12%, a sign that many may not be able to pay once their plans end.