How to help delinquent mortgages, stop foreclosure wave - Business Insider

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Millions of Americans have stopped paying their mortgages, but don't fear a foreclosure wave in 2021

This story is available exclusively to Business Insider subscribers.More than 2 million mortgages were in some stage of delinquency as of October 2020.

On his first day in office, President Joe Biden signed an executive order asking federal agencies that back mortgagesthrough at least March 31, allowing struggling homeowners to enter delinquency for at least two more months. More grace period extensions mean homeowners who still cannot make their monthly payments by spring can continue postponing, giving them time regain their financial footing as employment prospects and wages improve during the expected economic recovery from the coronavirus pandemic., is also expected to help struggling homeowners.

Delinquency rates are drastically higher than they were pre-pandemic, sparking fears of a Great Recession repeat. Foreclosures hit peak in 2010, with 2.9 million homes seized.The aftermath of the current situation likely won't be anywhere near as bad this as the Great Recession, Hepp told Insider.

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They can’t cancel mortgage the market would tank and banking maybe give them 8 for month and pay what they own from the back end

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