Record-breaking unemployment has led to a record number of homeowners seeking mortgage relief during the coronavirus pandemic.

According to the Mortgage Bankers Association, forbearance requests jumped 1,270% between March 2 and March 16 and another 1,896% between March 16 and March 30.

In total, 2.66% of all mortgage loans are now in forbearance—a type of relief program that allows borrowers to pause payments for an established period of time.

“Meanwhile, on the web, searches for terms like “mortgage relief” and “mortgage modification” have reached an all-time high.” 

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