Orla McCaffrey

speaker

593 appearances 13 recordings 1 series first heard Mar 2020 last heard Jun 2022

Orla McCaffrey’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Struggling Homeowners Remain in Mortgage Forbearance · 25 Jan 2021 podcast

So ultimately, more people are technically behind on their mortgages.

There is a big difference between forbearance and forgiveness.

Forgiveness is the case where you wouldn't have to make up any payments, which is not really a thing in the industry.

The standard is forbearance, where you are able to delay or postpone payments for a number of months, and then you have a couple of options at the end of the forbearance terms on how to make those payments up.

But you definitely will have to make them up.

Homeowners can use 12 months of forbearance as guaranteed by the CARES Act that was signed last March.

The current deadline to sign up to request that is the end of February or the end of March, depending on the type of loan you have.

Currently, the Biden team has proposed a

extending that deadline until the end of March for all loans, all federally backed loans.

And the stimulus plan his team released includes a six-month extension until the end of September, during which homeowners can apply for forbearance.

There is not.

Once you use those 12 months, it seems like you would have to ask the lender directly for a forbearance.

They wouldn't be required to give you one as many are now.

One backstop is the foreclosure and eviction moratorium that President Biden wants to extend also into the later part of this year.

So we definitely wouldn't be seeing a wave of foreclosures among the group of people who might use all of their 12 months.

But certainly that's a big question mark.

So the couple of people I spoke to actually didn't enter forbearance until the fall or even one person earlier this year because they were able to use their savings or one woman used some money she was going to use to pay for her taxes.

They were able to keep making their mortgage payments until it got to a point where they just couldn't.

Their income hadn't really been replaced.

It hadn't reached the level that it was pre-coronavirus, pre-pandemic.

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