The number of mortgages in active forbearance plans dropped by 147,000, or 4%, over just the past week, according to data from Black Knight.
Most still in getting aide, however, have extended their terms, suggesting they are still unable to get current on their home loans. The government program for borrowers with loans backed by Fannie Mae and Freddie Mac, or by FHA/VA, initially allows borrowers to delay monthly payments for three months. They can then extend that to six months and after that request up to a year of forbearance. These payments are not forgiven, but can be made up either when the home is sold or the loan refinanced. For those requesting long-term forbearances, mortgage modifications may apply.
DianaOlick Foreclosures coming soon!
DianaOlick Funny my bank put me in forbearance without my permission in april🙃