Six Facts You Should Know about Current Mortgage Forbearances
This source collects recent trends in short-term forbearances in the mortgage market but also notes areas in which additional data and consumer outreach are urgently needed. In particular, it highlights that about 530,000 homeowners who became delinquent after the pandemic did not take advantage of forbearance, despite being eligible to ask for relief under federal legislation. An additional 205,000 homeowners obtained an initial forbearance that expired in June or July, but did not seek to extended it and have since become delinquent.
Jung Hyun Choi & Daniel Pang, Urban Institute
August 18, 2020