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Mortgage Modifications Rise 3% in Latest Week

Mortgage News > Mortgage Modifications Rise 3% in Latest Week
Date: 09/15/2020    Mortgage Modifications Rise 3% in Latest Week

Mortgage modifications are on the rise as American homeowners continue to battle financial uncertainty in the face of the COVID-19 pandemic. Already 3.5 million borrowers are in loan forbearance plans that temporarily suspend their payments. Of all the homeowners exiting those forbearance deals this week, 9.48% were due to permanent mortgage modifications, up from a 6.56% share last week. Fortunately, the total share of loans in forbearance fell to 7.01% of servicer portfolios, down from 7.16% the week before.

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