For the 10th straight week, the number of mortgage holders seeking relief from their monthly payments has declined, according to the Mortgage Bankers Association.
An estimated 4.36 percent of mortgage holders—2.2 million homeowners—were in a forbearance plan during the first week of May, down from 4.47 percent the week prior. The MBA notes that nearly half of those who have requested extensions haven’t made a payment in 12-plus months.
Inman notes that for homeowners who entered into forbearance plans early on in the pandemic, their 18-month program eligibility limit will be up in September. The Consumer Financial Protection Bureau has proposed a moratorium on foreclosures through Dec. 31, 2021.