Homeowners Leaving Forbearance Now More Likely to Need Help

Homeowners Leaving Forbearance Now More Likely to Need Help

Industry Update
November 2, 2021

Source:  inman.com

More than half a million homeowners who put their loans in forbearance during the pandemic are now in active loss mitigation, a 37 percent jump from a month ago, as relief programs that allowed millions of borrowers to put their payments on hold for up to 18 months expire.

About 15 percent of all U.S. mortgage holders, or 7.7 million borrowers, enrolled in forbearance plans at some point during the pandemic, according to Black Knight’s latest Mortgage Monitor Report.

The vast majority of those homeowners (84 percent) have already exited forbearance, and most are either current on their mortgage payments (51 percent) or have paid them off in full (23 percent) by refinancing or selling their home.

For full report, please click the source link above.