There’s no real way to gauge how many people entering the mortgage forbearance programs will fail to resume payments. So there is no way to determine what foreclosures will look like once these programs end. Will we see a tsunami like we saw during the Great Recession? Or will it be something more manageable that won’t disrupt the market?
About 2.7 million U.S. mortgage borrowers, or 5.5% of the total, are currently in forbearance programs, according to the Mortgage Bankers Association (MBA). MBA statistics show that the total peaked at about 4.75 million in May 2020.
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