{"id":17822,"date":"2020-09-21T12:43:30","date_gmt":"2020-09-21T12:43:30","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=17822"},"modified":"2020-09-21T12:43:30","modified_gmt":"2020-09-21T12:43:30","slug":"1m-delinquent-homeowners-havent-asked-for-forbearance","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/1m-delinquent-homeowners-havent-asked-for-forbearance\/","title":{"rendered":"1M Delinquent Homeowners Haven\u2019t Asked for Forbearance"},"content":{"rendered":"

1M Delinquent Homeowners Haven\u2019t Asked for Forbearance<\/h1>\n
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Homeowners who have failed to take advantage of pandemic-related mortgage assistance may be at risk of losing their properties. A little more than a million owners nationwide are at least 30 days past due on their monthly payments and haven\u2019t entered a forbearance program or engaged their lender about some other financial solution, according to an analysis from Black Knight, a mortgage data firm.<\/p>\n

About 680,000 of those homeowners have federally guaranteed mortgages and are eligible for a forbearance program to put their monthly payments on hold for up to a year without facing a penalty. (They would have to pay back the funds at a later date.) Many lenders also are offering such help to borrowers who don\u2019t have a federally guaranteed mortgage. But borrowers must initiate outreach for the help, for which they aren\u2019t required to prove hardship under federal rules.<\/p>\n

Homeowners may not be reaching out to lenders because they\u2019re confused, surveys show. More than half of borrowers surveyed by the National Housing Resource Center in July say they were not aware of the forbearance program or didn\u2019t know how it works. Of consumers confused about their options, nearly 70% say they fear being required to make a large lump-sum payment at the end of their forbearance period\u2014which isn\u2019t true<\/a>. \u201cSome borrowers are falling through the cracks that we\u2019re not picking up,\u201d Lisa Rice, president and CEO of the National Fair Housing Alliance, told The Wall Street Journal<\/em>. \u201cIt\u2019s just a really sad series of events.\u201d<\/p>\n

Further, housing groups warn that the number of homeowners with past-due mortgage payments could swell even more as people who are currently in forbearance reach the end of their program terms in October. Those homeowners will need to request an extension from their lender if they need more time. \u201cBorrowers who are eligible to be in forbearance will preserve their options to avoid foreclosure versus those who became delinquent and have accumulated penalties and interest in a march toward foreclosure,\u201d Faith Schwartz, president of advisory firm Housing Finance Strategies, told the Journal<\/em>.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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Source:<\/div>\n
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\u201cA Million Mortgage Borrowers Fall Through Virus Safety Net<\/a>,\u201d The Wall Street Journal (Sept. 18, 2020) [Log-in required.]<\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

1M Delinquent Homeowners Haven\u2019t Asked for Forbearance Homeowners who have failed to take advantage of pandemic-related mortgage assistance may be at risk of losing their properties. A little more than a million owners nationwide are at least 30 days past due on their monthly payments and haven\u2019t entered a forbearance program or engaged their lender … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-17822","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\n1M Delinquent Homeowners Haven\u2019t Asked for Forbearance - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/1m-delinquent-homeowners-havent-asked-for-forbearance\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/1m-delinquent-homeowners-havent-asked-for-forbearance\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/1m-delinquent-homeowners-havent-asked-for-forbearance\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"1M Delinquent Homeowners Haven\u2019t Asked for Forbearance\",\"datePublished\":\"2020-09-21T12:43:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/1m-delinquent-homeowners-havent-asked-for-forbearance\\\/\"},\"wordCount\":387,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/1m-delinquent-homeowners-havent-asked-for-forbearance\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/1m-delinquent-homeowners-havent-asked-for-forbearance\\\/\",\"name\":\"1M Delinquent Homeowners Haven\u2019t Asked for Forbearance - 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