Report: Mortgage Delinquencies Hit 9-Year High As Pandemic Grinds US Economy Into Dust
Wochit
While the pandemic has seen a surprisingly healthy real estate market for homebuyers, homeowners have begun having trouble paying..
Trouble paying your mortgage?
Credit: ABC 2 News WMAR
Duration: 02:25s
0 shares
1 views
EXPIRED..
AND MILLIONS OFPEOPLE ARE HAVING A HARD TIMEPAYING THEIR BILLS.
LENDERSHAVE GIVEN MANY HOMEOWNERS ATEMPORARY BREAK ON THEIRMORTGAGE PAYMENTS SINCE THEPANDEMIC CAUSED WIDESPREADUNEMPLOYMENT.
WMAR 2 NEWS'MARK ROPER IS LIVE INSOUTHEAST BALTIMORE.
MARK --WHAT SHOULD HOMEOWNERS DO IFTHEY'RE CONCERNED DEFERRINGPAYMENTS WILL HURT THEIRCREDIT?FINANCIAL EXPERTS SAY ANYONEWHO'S BEEN STRUGGLING TO PAYTHEIR BILLS SHOULD CONTACTTHEIR LENDER AS SOON AS THEYREALIZE THERE'S A CHANCE THEYMIGHT MISS THE DUE DATE TO SEEWHAT CAN BE DONE TO HELP.ACCORDING TO THE FEDERALMORTGAGE BACKER -- FANNIE MAE-- ABOUT A THIRD OF MORTGAGEHOLDERS ARE HAVING TROUBLEMAKING THEIR PAYMENTS DURINGTHE PANDEMIC.
THE FINANCIALWEBSITE -- INVESTOPEDIA - LAYSOUT A SERIES OF COVID-19PROVISIONS ESTABLISHED BY BOTHFANNIE MAE AND FREDDIE MAC TOHELP STRUGGLING HOMEOWNERS.THESE INCLUDE: MORTGAGEPAYMENTS MAY BE REDUCED ORSUSPENDED FOR UP TO 12 MONTHSFORECLOSURES ARE ON HOLDTHROUGH AUGUST 31ST AND THEREARE NO PENALTIES OR LATE FEESFOR HOMEOWNERS IN AFORBEARANCE PLAN SOMEHOMEOWNERS MIGHT BE WORRIED IFTHEY'RE GRANTED A FORBEARANCETHAT IT ALSO MIGHT HURT THEIRCREDIT...BUT FANNIE MAE VICEPRESIDENT DANIELLE MCCOYEXPLAINS HOW IT ACTUALLY COUHELP.
One of the good thingsabout forbearance if you're ahomeowner, is that if you werecurrent before you startedhaving financial difficultydue to COVID and you get aforbearance, your account willstill show as current, and Ithink that's a real goodreason to make sure you'reresearching your options andyou're figuring out a way toreally use them so you donhave to necessarily have adelinquency if you can't payyour mortgage BESIDES ALLOWINGFOR MORTGAGE FORBEARANCE --THE CARES ACT INCLUDESCONSUMER CREDIT PROTECTION FORPEOPLE WHO ARE DEFERRING THEIRPAYMENTS.
IF YOU'RE APPROVEDFOR A PAYMENT DEFERRAL DUE TOCOVID-19 -- LENDERS ARESUPPOSED TO USE A SPECIAL CODETO REPORT ACCOUNTS INFORBEARANCE TO THE THREECREDIT REPORTING AGENCIES --WHICH ARE -- EXPERIAN --TRANSUNION AND EQUIFAX.
SO AFORBEARANCE ALONE WILL NOTCAUSE YOUR CREDIT SCORES TO GODOWN.
IF YOU SEE A MISTAKE ONYOUR CREDIT REPORT -- YOU CANDISPUTE IT BY PUTTING IT INWRITING WITH YOUR LENDER ANDTHE THREE CREDIT BUREAUS.
FORA LINK TO FIND OUT WHO OWNSYOUR MORTGAGE -- LOOK FOR THISSTORY ON OUR WEBSITE -- WMAR 2NEWS DOT COM.
LIVE IN MARKROPER -- WMAR 2
