2.787 million of the 53 million mortgages in the United States are now in forbearance according to data by Black Knight, Currently, borrowers can request an initial period of forbearance of 180 days which can be followed by an extension of equal length. During this time, borrowers don’t have to make loan payments and can make up for the payments over time after the forbearance period ends.
it is estimated that up to 550,000 forbearance plans will expire at the end of December. Foreclosure remains relatively low and Federal Housing Finance Authority and Department of Housing and Urban Development accounced plans with week to extend moratoriums on foreclosures and evictions until February 28, 2021.
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