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Forbearance Numbers Continue to Retreat

Friday, July 10, 2020   /   by Erik Bjorklund

Forbearance Numbers Continue to Retreat

The number of homeowners in active
forbearance plans fell again this past week.
Black Knight estimates there are
now 4.6 million people remaining in the plans which mortgage servicers are
required to provide as part of the CARES Act package of COVID-19 economic
relief. Those plans allow homeowners who claim a financial impact from the
pandemic to temporarily skip or make partial mortgage payments. The June 16 count represents 8.7
percent of all active mortgages, down by 57,000 and 0.1 percentage point from
the previous week.
It is 158,000 fewer plans than at the peak during the week
of May 22. The current plans represent just
over $1 trillion in unpaid principal ($1,012 billion). Some 6.8 percent of all
GSE-backed loans and 12.1 percent of all FHA/VA loans are currently in plans.


 

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