Thousands Could Soon Lose Or Sell Their Homes as Covid Mortgage Bailouts Expire

Hundreds of thousands of homeowners could soon lose or sell their homes as Covid-related mortgage bailout programs expire.

The federal government, big banks and mortgage servicers started emergency programs when the pandemic hit early last year, shutting down vast swaths of the economy. The bailouts allowed millions of homeowners to miss payments, some for up to 18 months.

“We’re in the midst of the largest transition out of forbearance we’re likely to see, with three-quarters of a million homeowners leaving plans over the past 60 days,” said Andy Walden, vice president of market research for Black Knight.

The programs were largely successful.

Over half of the 7.7 million borrowers who piled into bailout programs are current on their mortgages and making payments again, according to weekly data from Black Knight, a mortgage software, data and analytics company. About 23% of borrowers either sold their homes or refinanced their mortgages to make them more affordable. Roughly 7%, or just over half a million, are in active loss mitigation with their lenders, still trying to work out a loan modification plan.

https://www.cnbc.com/2021/12/02/covid-mortgage-bailouts-expire-thousands-could-lose-or-sell-homes.html

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