Salem Radio Network News Saturday, June 19, 2021

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Mortgage grace period coming to an end for homeowners

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Homeowners were given more opportunity to pause their mortgage payments because of the financial ravages of the pandemic, but that relief is slowly coming to an end

VERBATIM: About 3 million people are behind on their mortgage, the most at any time since the Great Recession. About 2 million are in forbearance plans, providing a reprieve of a year or more from making payments. Some are beginning to exit these arrangements, and experts expect the pace to pick up soon, with as many as 1.7 million borrowers exiting in September. Regulators warn mortgage servicers to be prepared for the onslaught. Rich Thomason reporting.

 

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