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Experts Say Homeowners Exiting Forbearance Will Need Outreach, Assistance

Posted To: MND NewsWire

The Urban Institute (UI) recently held a webinar with housing experts to look at distress in the housing market. In a report on the findings, researchers Jung Hyun Choi and Daniel Pang say that, as of November, 3.7 million homeowners who had taken advantage of forbearance as the pandemic began have left the programs while 3.2 million others continue to struggle. About 2.8 million remain in active forbearance while another 369,000 are delinquent on payments but are not in plans. Many of those in active forbearance have reached their sixth month, requiring them to either leave their plans or request an extension. UI reports there are many households which are delinquent but have not pursued any loss mitigation . There is a lack of homeowner awareness of payment options, and stark disparities…(read more)

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