Nearly 3 million borrowers have filed for mortgage relief, and the industry is crying for help

More than 2.9 million homeowners have taken advantage of the mortgage forbearance program for government-backed loans, part of the coronavirus CARES Act relief package.

The program allows borrowers to delay their monthly payments for a year. Those payments are then tacked on to the end of the loan, or paid back over time in a mortgage modification. Borrowers must tell their mortgage servicers that they have had financial hardship due to the coronavirus pandemic, but they do not have to provide any proof.

Even if borrowers don't make their monthly payments, those who collect the payments still have to advance the principal and interest amounts each month to bondholders. At the current level of forbearance, mortgage servicers would need to advance $2.3 billion per month to holders of government-backed mortgage securities on Covid-19-related forbearances. Another $1.1 billion in funds will be lost each month by those with portfolio-held or privately securitized mortgages .

DianaOlick hey you need to write a retraction on this. Servicers are not offering loan modifications. It’s a FORBEARANCE. Borrowers will have a balloon payment at the end of the year with all the pmts they paused! No one is tacking it onto the end of the loan. 100% false. Fix it

Seems on a low end. When gov gives you ideas, even those who don’t need forbearance will file. Why wouldn’t I?

This is just the beginning. You think people who cannot pay their mortgage are paying their car notes or credit card bills? $AXP $DFS $F $GM

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

U.S. coronavirus small-business program funding nearly spentFunding for a small business loan program is nearly wiped out with no agreement between the White House and Democrats on how to refill the coffers. Easy be a celebrity or athlete The American worker demands their $$$ that SpeakerPelosi is blocking. Besides u can test negative one day and be positive 2 days later. All the recommended guidelines R the same. Democrats always ' demand'
Källa: latimes - 🏆 11. / 82 Läs mer »

Stimulus program for small business nearly depleted as Congress still negotiating a dealOver roughly two weeks, about 90% of the $349 billion set aside to help businesses stay afloat during the coronavirus pandemic has been allocated. to whom? Now is the socialist opportunity to end free commerce But it has not been allocated to people due to stupid delays. Businesses can not exist without people.
Källa: USATODAY - 🏆 100. / 63 Läs mer »