3 million mortgages in forbearance...

[BoBromhal]

Originally Posted by ericp501

Thank you!... If everyone who called me a liar and a fear monger could please apologize to me now that would be very much appreciated.

I'm sure there are some banks who are working with clients and restructuring the loan so balloon payments wont be required, but it doesn't change that fact that over 3 million mortgages have been put into forbearance and balloon payments will be due.

You don't put 30 million people out of work, shut down the economy, defer 3 million mortgages and it not end up impacting the housing market to some extent.

the claim that a large portion of them would require balloon payments is your issue.

then what happens in 3 months when the mortgage company comes calling looking for a 3 month balloon payment and these people have only been working for a month if that???

well, that and some math, not crystal ball predictions:

129MM households
65% homeownership rate = 83,850 homeowning households
63% of homeowners have SOME level of mortgage


53MM total mortgaged homes.
"up to" 3MM have requested "no questions asked" forbearance.

[Fedupwiththis]

Well now the total is 4.1 million...

It seems the overall information being gathered is some lenders may or may not expect a balloon payment at the end of the forbearance, so it's important for the homeowner to look into this.


Servicers on the Hook as 4.1 Million Loans Now in Forbearance