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Forbearance Plan Plateau

The Black Knight Forbearance Tracker shows 2.74 million homeowners were in active forbearance as of January 19. 

The number has vacillated between 2.71 and 2.83 million since early November, when the country began seeing new coronavirus case spikes and resulting shutdowns.

Breakdown of Mortgages in Forbearance

Estimated Monthly Advances

Forbearance Plan Breakdown 2021-01-25

Covid-19’s Financial Toll Mounts

The Wall Street Journal reports Covid-19’s Financial Toll Mounts as Homeowners Keep Postponing Mortgage Payments.

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The proportion of homeowners postponing mortgage payments had been falling steadily from June to November, an indication that people were returning to work and the economy was beginning to recover. But the decrease has largely flattened since November, when the current wave of coronavirus cases surged in communities across the country.

For roughly the past two months, that group of homeowners has flatlined at about 5.5%, according to the Mortgage Bankers Association. Though that is down from a peak of 8.55% in June, some economists are concerned about the stalling forbearance rate—and worry that it could even start climbing if the economy further sheds jobs.

Mortgages by Stage of Forbearance

Mortgages by Stage of Forbearance

Forbearance Math 

80% of 2.74 million have extended forbearance. That's 2.2 million people who have not made payment for an extended period.

9.4% of FHA/VA loans are in forbearance.

How are any of the seriously behind people supposed to catch up? 

Most likely that can't and wont. Instead balances will at some point be rolled into new mortgages by the lenders, perhaps by an act of Congress.