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Fewer Homeowners Leaving Forbearance

Posted To: MND NewsWire

Any decline in the number of mortgages in forbearance appears to have, at least temporarily, reached a plateau. For the second straight week Black Knight’s survey found little change; only 1,000 fewer mortgages were in plans during the week ended August 25 than during the previous period. The company estimates that 3.9 million homeowners continue to use the COVID-19 relief authorized by the CARES Act and slightly less than three-quarters are now in an extension of their original 90-day plans. The forbearance total represents $828 billion in unpaid principal and 7.4 percent of all mortgages being serviced, the same percentage as the previous week. There are now about 5.3 percent of all GSE-backed loans in forbearance, numbering 1.474 million. The FHA/VA total is 1.409 million or 11.6 percent…(read more)

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