Pandemic Mortgage Forbearance Falls—But Only For Certain Borrowers
The coronavirus continues to rock the economy, albeit unevenly.
Fewer homeowners overall are seeking mortgage forbearance, which allows borrowers to temporarily pause their monthly mortgage payments if they are facing financial difficulties. Homeowners will eventually have to make up the missed payments, but relief could give them time to improve their finances. As of July 28, some 7.7% of mortgages were in forbearance, a decline of 17,000 from the previous week. Conventional mortgages saw the biggest forbearance decline among home loan types.