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Almost 400,000 Delinquent Homeowners Have Better Options

Posted To: MND NewsWire

The Urban Institute (UI) estimates that there are about 400,000 homeowners who have become “needlessly delinquent” as a result of the COVID-19 pandemic. UI analysts Michael Neal and Linda Goodman credit the Coronavirus Aid, Relief, and Economic Security (CARES) Act with providing “a much-needed lifeline” during the crisis, but conclude that there needs to be a broader approach. The CARES Act allows borrowers to defer mortgage payments for six months with the possibility to extend that period for another six months. Homeowners need only to attest to having a pandemic-related financial hardship. The Mortgage Bankers Association (MBA), which has tracked forbearance plans on a weekly basis, reported that as of September 28, 6.87 percent of mortgage borrowers are in forbearance, including 4.46 percent…(read more)

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