Jessica Menton, USA TODAY
Published 12:01 a.m. ET May 21, 2020 | Updated 3:05 p.m. ET May 21, 2020CLOSE
You can put off paying your mortgage during the coronavirus pandemic due to the CARES Act. However, many are left anxious due to confusing messages.
WochitDelinquencies among borrowers for past-due mortgages are soaring, a sign that Americans are struggling to pay their bills amid a wave of layoffs and lost income from the coronavirus pandemic.Mortgage delinquencies surged by 1.6 million in April, the largest single-month jump in history, according to a report from Black Knight, a mortgage technology and data provider. The data includes both homeowners past due on mortgage payments who aren’t in forbearance, along with those in forbearance plans and who didn’t make a mortgage payment in April.At 6.45%, the national delinquency rate nearly doubled from 3.06% in March, the largest single-month increase recorded, and nearly three times the prior record for a single month during the height of the financial crisis in late 2008, Black Knight said. CLOSE
The federal government CARES Act and various cities and banks are offering relief. Here’s what you should know.
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