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<\/div>\nThe number of homeowners in the mortgage bailout program under the federal CARES Act fell by 104,000 from June 23 to June 30 — the largest one-week drop since the start of the program, reported CNBC<\/a>.<\/p>\n On the other hand, the number of those in the forbearance program is still high, encompassing 4.58 million homeowners, as of June 30. That’s 8.6 percent of active mortgages.<\/p>\n However, since the program started in March and the initial forbearance period was 90 days, homeowners are coming up on a key marker in time. More than two million of these mortgage plans were up for review and possible extension in June, according to researcher Black Knight<\/a>.<\/p>\n Forbearance means that a mortgage servicer or a lender allows a homeowner to pause or reduce payments for a limited period of time.<\/p>\n Under the trillion-dollar CARES Act, homeowners could apply to defer payments for three months. This can be extended to 180 days — and ultimately to a full year for those hard-hit by the COVID-19 economic crisis. The mortgage payments that are put off must be repaid, but the consumer has the choice of having them spread over 12 months or paid back later at an agreed-upon time period.<\/p>\n A survey by the Mortgage Bankers Association<\/a> (MBA) said that as of June 14, there was a decrease in the number of loans in forbearance<\/a>. The MBA estimated that 4.2 million Americans were in forbearance plans at the time, down from 4.3 million the prior week.<\/p>\n The surveys have been conducted since March as a way to measure the amount of people paying their loans, as the pandemic has home buyers sizing up their options.<\/p>\n When it comes to purchasing a home or attempting to take equity out of a home in cash form, debt is, by and large, the option utilized by the vast majority of consumers.<\/p>\n And this, Unison<\/a> CEO Thomas Sponholtz<\/a> told PYMNTS in a recent conversation<\/a>, is his company’s role: “What Unison is doing has been happening in all other asset classes around the world, which is to offer customers an option to buy and own a combination of debt and equity when they finance and own the house.”<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n Tags:<\/b> Pymnts<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"See Campaign: <\/strong>https:\/\/www.pymnts.com\/real-estate\/2020\/helping-homeowners-accessthe-home-equity-without-debt\/<\/a>
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The number of homeowners in the mortgage bailout program under the federal CARES Act fell by 104,000 from June 23 to June 30 — the largest one-week drop since the start of the program, reported CNBC. On the other hand, the number of those in the forbearance program is still high, encompassing 4.58 million homeowners, as … Continue reading Number Of Homeowners In Mortgage Bailout Program Drops By 104K<\/span><\/a> Continue Reading