With coronavirus not slowing down, many renters, homeowners, and landlords are wondering what they will do once unemployment insurance expires at the end of this month and foreclosure and eviction moratoriums expire at the end of August.
The Mortgage Banker’s Association reports that currently, nearly 8.5% of mortgage holders are in forbearance with that number expected to spike if additional lockdown measures are reintroduced.
“The Cares Act offered mortgage payment forbearance for up to 12 months for all federally insured mortgages. Separately, no foreclosures on Fan or Fred loans until at least Aug. 31. About two-thirds of all mortgages are federally insured, according to the National Consumer Law Center.”