Your mortgage payments for the month of April aren’t even officially behind schedule until the 15th, but borrowers are already flooding the government’s mortgage tolerance program, reported our sister channel CNBC.
Requests to delay mortgage payments grew 1,270% between the week of March 2 and the week of March 16, and another 1,896% between the week of March 16 and the week of March 30, according to the figures. released Tuesday by the Mortgage Bankers Association.
Includes data related to 22.4 million loans as of April 1, almost 45% of the mortgage services market.
The CARES Act, which President Donald Trump signed on March 27, seeks to limit economic damage by COVID-19.
The government implemented the mortgage relief measures before Trump signed the bill. This law requires that all borrowers with government-backed mortgages, approximately 62% of all mortgages according to the Urban Institute, be allowed to delay at least 90 days of monthly payments and possibly up to the equivalent of one year.
Those payments should ultimately be remitted at the end of the loan term or in a structured payment plan. More details here.
For more information visit CNBC.com