A survey from the Mortgage Bankers Association released Monday shows that almost 7 percent of U.S. mortgage holders—or around 3.5 million borrowers—have had their payments reduced or put on hold as the CCP virus continues to negatively affect employment across America.
Over the week of April 13 to 19, the association found that the number of mortgages in forbearance rose from 5.95 to 6.99 percent—a level 100 times higher than in early March. Around 77 percent of first-mortgage service agents responded to the MBA survey, covering approximately 38.3 million loans.
