#forbearace #foreclosure #analyticsbeforeforeclosure
Forbearance tracking done by Black Knight shows the number of homeowners in government COVID-19-related mortgage forbearance programs is gradually decreasing, but some homeowners still face bigger challenges.
Data shows that about 11,000 homeowners bailed out from the federally-backed forbearance programs. The data shows a decline from the prior week.
Does this call for a celebration? Not yet, sadly!
Unfortunately, there are still almost 3 million homeowners who remain in the COVID-19 forbearance plans and they represent 5.6% of first lien mortgages.
The decrease is a noticeable reduction from the market’s peak of 4.76 million in late May however, more than 80% of the remaining forbearance plans have had their terms extended with their servicer, according to Black Knight.
While the decrease shows a slow recovery of the housing market, it could mean that we are heading into the right direction. A slow progress is still a progress, after all.
Companies that help people in forbearance or those who might be heading to foreclosure, like Analytics Before Foreclosure is one of the major contributors of the progress. Forbearance is not the sole answer to avoiding foreclosure filings, actionable intelligence for homeowners is what people need.
Do you know what your options are if you are behind on your payments? If not, claim your free access to 9 Seller Options when Behind on Payments Mindmap.
