Many mortgage borrowers are still in COVID-19 forbearance. Here’s how to get back on your feet. (iStock)
Mortgage forbearance proved to be an essential lifeline for many homeowners during the COVID-19 pandemic. Under the CARES Act, many mortgagors were eligible for up to 18 months of forbearance. But as life starts to return to pre-pandemic “normal,” borrowers are struggling to catch up on their mortgage payments.
More than a third (35%) of mortgage borrowers who entered forbearance during the pandemic are still in forbearance, according to a new study by the New York Federal Reserve. Low-income borrowers and first-time homebuyers are most likely to be stuck in forbearance for longer periods of time, struggling to resume their monthly
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