Good Morning!
When congress enacted the help for Covid-19 aide, one of the things they did was to waive the “proof of hardship” to apply for forbearance on a mortgage. This was a giant mistake.
While many have real hardships others don’t, and still apply for the forbearance.
Case in point this survey result from Lending Tree…
With the number of homeowners under forbearance plans nearing 10 percent of all of those having a mortgage, a Lending Tree survey indicates that most of those borrowers did not actually need the help. One quarter of the homeowners surveyed by the company said they had applied for forbearance because of a COVID-19 hardship, and of those, 80 percent were granted one. However, only 5 percent said they wouldn’t have been able to pay their mortgage without forbearance.
That’s it for today.
Thanks for reading!
Brett
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