Currently there are approximately 2.67 million Americans in a Mortgage Forbearance. Forbearances come in many shapes and sizes. Some are part of a greater loan modification process that either extends the life of the original mortgage or increases monthly payments after the forbearance period. Others require the delayed payments to be paid in a lump sum at the end of the forbearance period. Some forbearances are for a month or two, others can last up to a full year.
Credit Karma surveyed its members to ask where the “saved” money is going.
- 34%: Groceries and utilities, medical expenses and additional expenses such as homeschooling needs
- 32%: Savings account for emergencies
- 21%: Paid off debt
- 13%: Did not have extra funds even while in forbearance
Knowing the details of a COVID forbearance is crucial to preventing the loss of your home in a foreclosure. For more information contact your Yuba City bankruptcy attorney at 530-797-4402.
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