Borrowers who fell behind on their mortgages during the Covid-19 pandemic and continue to face economic hardship and can still get help to prevent a sharp rise in foreclosures over the coming months.
This foreclosure epidemic more so affects borrowers without loans backed by the Federal Housing Administration and other federal agencies. About 25% of new home loans are not backed by the federal government, according to the Urban Institute. The other 75% who have been able to extend the length of their mortgages or qualify for forbearance still face upcoming lifts on the programs. All homeowners who have defaulted on their payments are now at the moment of needing relief.
About 1.55 million homeowners are seriously delinquent—meaning they haven’t made mortgage payments in at least 90 days, according to the mortgage-data firm Black Knight Inc. These borrowers, the bulk of whom have forbearance plans, may be most at risk of foreclosure in the coming months. They represent about 2.9% of the 53 million mortgages down from a high of about 4% in August-September of 2020.We provide options for struggling homeowners to avoid facing foreclosure and the affects it can have on their credit for years to come.
We can offer solutions that will provide a fresh start for homeowners and their families. Fill out the form to learn more and be contacted immediately!
