Black Knight’s data shows that most of the 1.75 million homeowners still in forbearance in mid-August had loans that were either backed by the FHA or VA (696,000), or made by portfolio or “private label” lenders (520,000). Loans guaranteed by Fannie Mae and Freddie Mac (535,000) made up the balance.
A new loss mitigation waterfall developed by FHA allowing eligible borrowers to reduce their monthly payments by 25 percent without providing income documentation, should “greatly improve the take-up rate and increase the number of successful modifications,” according to an analysis by the Urban Institute.
Covid mortgage bailouts are expiring fast, but here’s why a foreclosure crisis is unlikely - Some 98% of those troubled borrowers have at least 10% equity in their homes, not counting their missed payments....with that much equity, and lenders working on modifications not foreclosures, we probably won't see a large foreclosure inventory over the next year.
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