1.7M homeowners still in forbearance as protections expire
The share of homeowners in forbearance posted the biggest decrease in three weeks at the end of July, offering more hope that borrowers who experienced financial difficulties during the pandemic won’t lose their homes to foreclosure.
All told, 3.40 percent of mortgages were in forbearance during the week ending Aug. 1, down from 3.47 percent the week before, according to a weekly survey by the Mortgage Bankers Association.
That still leaves about 1.7 million homeowners in forbearance, although about 13 percent were still making payments, said MBA Chief Economist Mike Fratantoni.
“Forbearance has surely provided both insurance and assurance for many of these homeowners who worried about ongoing hardships, and it is positive to see so many continue to be able to make their payments while in forbearance,” Fratantoni said in a statement.