ATTOM Data Solutions reported that many New York, New Jersey, and Illinois counties are at greatest risk for wide-ranging defaults and foreclosures resulting from the coronavirus pandemic.
As coronavirus cases continue to surge, the economy remains unstable which could impact housing affordability.
There are still 282,767 homes in foreclosure even with the foreclosure moratorium put in place by the CARES Act. Unfortunately, not everyone is aware that forbearance is an option if they’re struggling.
The areas that have been hardest hit by the virus are the same areas where the housing market is weakest.
Many who are struggling don’t realize that there is no deadline to apply for mortgage forbearance and no proof of hardship required under the CARES Act. Forbearance doesn’t impact credit scores nor does it require a lump sum payment at the end of its term.
“For homeowners who are not covered under the relief bill, experts recommend contacting your mortgage company immediately. In many cases, lenders will work with borrowers to come up with a plan that’s affordable.”
Read the full article to see how your area is faring and for more details on mortgage relief.