If an unusual consumer protection gets rolled back in the state, servicers could get more of a second chance in court and borrowers will lose some protection.
The pandemic has fueled major unrest in the U.S. mortgage market, as homeowners scramble to remain on top of their mortgage payments. (iStock)
Many Americans are hanging onto their homes by a thread during the coronavirus pandemic, and many more see trouble on the way. According to the U.S. Census, 9.9 million U.S. home dwellers are not up to date on their monthly mortgage payments, with many more stating they have little or no confidence they can make their next home payment.
“Millions of homeowners and their families have lost their ability to pay their mortgage during COVID-19,” said Peter Gray, President, Pyramid Real Estate Group, in Stamford, Conn. “Congress and the U.S. Government did a great job reducing this impact by swiftly passing the CARES Act on March 27, 2020. That legislation provided $2.2 trillion in economic relief and included: $1200 checks, expanded unemployment, access to retirement savings for affected families, forbearance on loans, foreclosure relief,