Last week, the number of active forbearance plans increased by 79,000 and erased almost half the recovery since the peak on May 22, according to Black Knight, a mortgage data and technology firm. There are currently 4.68 million homeowners in forbearance plans or 8.8 percent of all active mortgages. This number represents about $1 trillion in unpaid principal.
The mortgage bailout program allows borrowers to miss monthly payments for at least three months under the CARES act. The payments can be remitted either in repayment plans, loan modifications, or when the home is sold or the mortgage refinanced.
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