Early COVID housing policy helped servicers care for homeowners in these first nine months of the pandemic with fast forbearances and smart deferrals. Now let’s preview how this will play out for servicers, homeowners and the housing economy in 2021. We’ll begin with the top three ways homeowners are exiting forbearance so far.
Top three ways homeowners are exiting forbearance
There have been three main forbearance exit trends since June. Each exit strategy provides a different perspective on the borrower experience during COVID-19.
1. Homeowners stayed current on mortgage payments
Between June and July 2020, the largest portion of borrowers exiting forbearance were those who never stopped paying their mortgage in the first place.
There are a few possible reasons for this exit behavior.
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