Share Of Mortgages In Forbearance Jumps To 5.95%
By Jim Perskie The number of loans in forbearance continues to rise, with nearly 6 percent of all mortgages in pause as borrowers cope with economic hardship caused by the coronavirus pandemic. The share of loans in forbearance climbed from 3.74 percent to 5.95 percent as of April 12, according to the Mortgage Bankers Association’s Forbearance and Call Volume survey released Monday. That amounts to roughly 3 million mortgages. Before the pandemic took hold of the economy, about 0.25 percent of mortgages were in forbearance. “With over 22 million Americans filing for unemployment over the past month, homeowners are contacting their mortgage servicers seeking relief, leading to a sharp increase in the share of loans in forbearance across all loan…
