With unemployment claims hitting nearly 17 million over the last three weeks, the number of Americans applying for the government's mortgage forbearance program under the COVID-19 relief plan spiked 73% for the week ending April 5 vs. the previous week - jumping from 2.73% to 3.74%, according to new data from the Mortgage Bankers Association.
For context, the total number of loans in forbearance was just 0.25% for the week of March 2 - an increase of 1,496% in just six weeks, with the number of borrowers in forbearance now topping 2 million according to CNBC.
Of the increase, borrowers with Ginnie Mae loans are in the worst shape - with requests jumping from 4.31% to 5.89%. Fannie Mae and Freddie Mac borrowers are doing 'less bad', with forbearance requests increasing from 1.69% to 2.44%.
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2 comments:
Let's see what happens with the property tax bill comes due!
I know first hand that there are many properties in this county that are in pre-foreclosure. My neighbor is one, who told he is making payments to the county to keep his home.
It's going to get real interesting in June when the bills start to come in the mail! So my question is, are you going to have the Sheriff evict everyone? I would be willing to bet it will exceed 50 percent of homeowners in this county as well as other surrounding counties.
One month of no work and you can’t pay your house payment? Sounds like you were living over your means.
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