The mortgage market has been disrupted by millions of borrowers postponing payments because of coronavirus. But lenders and veterans of the 2008 financial crisis warn the real chaos won’t start until the pandemic passes.
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If you’ve been affected by COVID-19, you may be eligible for relief in paying bills. That can help you prevent damage to your credit from late payments at a time when protecting your credit could help increase your financial resilience.
But hardship and forbearance programs are not automatic — you have to apply for most of them. And you’ll want to understand how they will affect your credit reports and scores.
More Americans are putting their mortgage payments on hold. According to a new survey from the Mortgage Bankers Association, about two million loans were in what’s called “forbearance” the first week of April, meaning borrowers have asked for a temporary break on the payment due.
The emergency aid package Congress passed last month allows many homeowners to delay their mortgage payments for up to a year. As job losses grow, more Americans are requesting that option.
Congress gave the IRS the job of sending out coronavirus rescue checks. But the underfunded agency is struggling, while for-profit companies like Intuit have started circling, hoping to convert Americans in need into paying customers.
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JPMorgan Chase, the country’s largest lender by assets, is raising borrowing standards this week for most new home loans as the bank moves to mitigate lending risk stemming from the novel coronavirus disruption.
