About 2 million homeowners are skipping their monthly mortgage payments, according to industry data released on April 13The $2 trillion stimulus package passed by Congress last month allows homeowners who face hardship from the pandemic to request forbearance from the companies that service their mortgages, meaning they can suspend payments without penalty for as long as 12 months., a number that is forecast to rise further as more Americans lose their jobs as a result of the coronavirus pandemic.
Approximately 3.74% of home loans are in forbearance as of April 5, according to Mortgage Bankers Association data, up from about 2.73% the prior week.
“[T]he number of borrowers asking for forbearance will likely continue to rise at a rapid pace,” said Mike Fratantoni, MBA’s chief economist.
