Posted To: MND NewsWire

The number of forbearance plans plunged last week as those that went into effect in the early days of the pandemic hit the end of their initial six-month terms. Black Knight said nearly one-fifth of the plans ended, as the number fell by 649,000 mortgages or 18 percent of the previous week’s total. A total of 2.97 loans remain in forbearance. It was the largest one-week decline , far outpacing the 435,000 drop when the first wave of plans hit the three-month mark in early July. It would be interesting to know how many of the formerly forborne borrowers from both waves had continued to make their monthly payments, using the plans as an insurance policy against potential financial difficulties. Such a possibility has been suggested by both ATTOM Data Solutions and the Urban Institute. The greatest…(read more)

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Source: Mortgage News Daily