Too many homeowners not fully using forbearance options
By Lew Sichelman
Despite lifelines thrown their way by Congress, the Urban Institute counts roughly 400,000 homeowners who are delinquent on their mortgages, but who have failed to take advantage of any payment forbearance programs.
Perhaps they fear being forced to make up their missed payments in one lump sum when they start paying again. Or maybe they don't understand the options available to them under the Coronavirus Aid, Relief and Economic Security Act. A poll by Fannie Mae found that 1 in 5 aren't even aware that help is available.
Whatever the reason, these people need to know their options. Sure, they can continue failing to make their house payments and eventually lose their homes. That's their choice.