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70% of Homeowners in Forbearance Donít Need Help

Mortgage News > 70% of Homeowners in Forbearance Donít Need Help
Date: 05/19/2020    70% of Homeowners in Forbearance Donít Need Help

A LendingTree study found that of the more than 4 million homeowners who have recently applied for mortgage forbearance, a full 70% say that they didn’t actually need the payment break. Only 5% of respondents said they truly wouldn’t be able to make their next mortgage payment without forbearance. While the coronavirus crisis did result in unemployment for millions, most expect to get their jobs back after the shutdowns cease. Lenders caution against mortgage forbearance except for emergencies as it could make it difficult for borrowers to refinance or even to get another loan in the future. 

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