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Home Loans in Forbearance Reach 6%

Mortgage News > Home Loans in Forbearance Reach 6%
Date: 04/21/2020    Home Loans in Forbearance Reach 6%

After a month of coronavirus shutdown measures, over 22 million Americans have filed for unemployment and millions of U.S. homeowners have applied for mortgage forbearance. In early March, only 0.25% of all home loans were in forbearance, but by the week ended April 12, 5.95% of the total were on hold, up 60% from the week before. Those looking to reduce or delay their mortgage payments due to COVID-19 financial stress should contact their lenders and expect extended phone wait times.

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