A tsunami of deferred debt is about to hit homeowners no longer protected by a foreclosure moratorium

By | August 2, 2021

Those who aren’t forced out will still be displaced if selling is their only option, and an estimated 1 in 10 borrowers in forbearance will not have enough equity to sell.

And while Congress approved $10 billion in federal assistance to help homeowners pay off debt, the program is moving so slowly that protections are expiring before states have figured out how to distribute the money. In the meantime, the White House announced July 23 that many homeowners with federally backed mortgages may be eligible for a reduction in their monthly mortgage payment.

Read more at: The Washington Post

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Author: MS Editorial Team

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