Why the 2021 Forecast Doesn’t Call for a Foreclosure Crisis
As the current forbearance mortgage relief options come to an end, many are wondering if we’ll face a foreclosure crisis next year. The reality is, plans have been put in place through forbearance to ensure history doesn’t repeat itself.
When looking at the percentage of people in forbearance, we can see that this number has been decreasing steadily throughout the year. Fewer people than initially expected are still in forbearance, so the number of homeowners who will need to work out alternative payment options is declining.
This means there are fewer and fewer homeowners at risk of foreclosure, and many who initially applied for forbearance didn’t end up needing it.