Homeowners in Mortgage Forbearance Top 3.4 Million, Up 17% in a Week
- ‘Numbers are climbing steadily, day by day,’ Black Knight says
- Fannie, Freddie servicers face $7 billion in advance payments
This article is for subscribers only.
U.S. homeowners seeking to delay mortgage payments topped 3.4 million, up 17% from a week earlier, as the coronavirus pandemic continued to ravage the economy, according to a report by Black Knight Inc.
About 6.4% of mortgage borrowers have entered forbearance plans since Congress passed legislation in March allowing them to defer payments for initial periods as long as 180 days. The rate jumped from 5.5%, or approximately 2.9 million borrowers, a week earlier, according to Black Knight, a mortgage information service based in Jacksonville, Florida.