Forbearance programs for federally backed mortgages are rapidly coming to an end, but the National Association of Realtors has said its research shows that there won’t be a glut of foreclosed homes hitting the market, as some had warned. The national forbearance moratorium will end on July 31, but most homeowners are expected to end
Mortgage servicers brace themselves as forbearance programs edge towards expiration
July 5, 2021 by
Mortgage servicers are preparing for a wave of delinquent mortgages and possible foreclosures to hit the market, but say they have already taken steps to mitigate their impact. The U.S. government made mortgage forbearance available to any home loan borrowers in the early days of the COVID-19 pandemic, and those who took up the option
Foreclosure activity to resume in July, some banks say
May 31, 2021 by
Some of America’s biggest banks have said they’ll start resuming foreclosures on delinquent mortgages this summer when COVID-19 forbearance programs expire. The Mortgage Bankers Association says over 2.1 million American homeowners are still in forbearance plans that suspend their mortgage payments and protect them from eviction. Meanwhile, around 1.8 million more are not in forbearance
FHA extends mortgage forbearance deadline
October 27, 2020 by
Homeowners who have an FHA-insured mortgage and are facing financial hardship due to the COVID-19 pandemic have been given an extension until Dec. 31 to submit an initial request for forbearance. The US. Department of Housing and Urban Development said last week it has decided to extend a deadline that was originally set to expire
1 million mortgage borrowers haven’t asked for forbearance
September 24, 2020 by
Research shows that a little over a million homeowners who are at least 30 days past due on their mortgage payments haven’t entered into a mortgage forbearance program or engaged with their lender about some other form of assistance. The research came from Black Knight, a mortgage data company, the Wall Street Journal reported. The
Fannie Mae & Freddie Mac to allow post-forbearance payments
May 17, 2020 by
Mortgage servicers Fannie Mae and Freddie Mac have said in a joint announcement that homeowners in forbearance will be able to request deferrals on their payments, and add any missed payments onto the end of their loan term without any penalty or additional interest. Forbearance simply gives homeowners who’re struggling to pay their mortgages a
Experts warn against blindly accepting mortgage forbearance
April 21, 2020 by
Left unable to work due to the coronavirus pandemic, around 2 million American homeowners have sought to apply for mortgage forbearance from their providers. But experts warn that they should look closely at the terms they’re offering, or they could be in for a nasty shock in the months to come. The problem is that
