With millions of Americans losing their jobs as the COVID-19 pandemic forced businesses and organizations across the country to shutter, lawmakers, regulators, and lenders worked quickly to set up mortgage forbearance programs that allowed struggling homeowners to temporarily skip payments. At the height of these programs, the New York Federal Reserve estimates, 9.3 million mortgages were in forbearance.
Eighteen months later, approximately 1.7 million homeowners still remain in some type of mortgage forbearance plan, according to the Mortgage Bankers Association’s latest estimate. But for over half of those households, about 900,000 Americans, those plans are set to expire in the next two months.
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