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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    600,000 Mortgage Forbearance Plans to End in March

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.

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