The expiration of enhanced benefits comes at a critical time for mortgage borrowers. Policymakers return to Washington this week to debate whether the extra $600 in weekly unemployment payments will be extended beyond July to help shore up jobless people’s finances as the economy contends with the fallout from the pandemic.
Many homeowners have sought mortgage forbearance to temporarily postpone their monthly payments due to a. About 53% of mortgage borrowers are experiencing household income loss due to the pandemic, LendingTree data shows. When broken down by age groups, 61% of millennials have lost household income, followed by 57% of Gen X and about 37% of baby boomers.
But once that six months is up in October, it’s not clear if she’ll owe the delayed payments all at once, if she’ll qualify for a loan modification or if the payments will be added to the end of the loan term, she says. The mother of two is concerned that she’ll have to pay six months worth of her monthly $2,300 mortgage payment in a lump sum.
Anthony Adams received forbearance when the economy hit the skids. The pandemic crimped sales at his family’s bakery in Orlando, Florida, forcing him out of a job. A lump-sum repayment won't be required for borrowers, a Wells Fargo spokesperson told USA TODAY. In general, it’s best for a customer who can resume making payments to do so as soon as possible, but with any government-backed loan, including a VA loan, customers who can’t make their payments due to COVID-19 are eligible for up to a total of a year of forbearance, the spokesperson said.
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