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Forbearances at Their Lowest Level Since April, But There's a Catch
Friday, November 6, 2020
Another round of expirations reduced the
number of active forbearance plans last week. Black Knight said the number of
homeowners in COVID-19 related plans fell by 137,000 during the week, after a slight
uptick the week before. The 5.0 percent improvement
was about what was expected for the first week of the month. At the beginning of October over 700,000
forbearance plans had been scheduled to reach the end of their original terms
over the ensuing two months. By the end of October 161,000 had expired and 366,000
remained in their original terms. Thus, it appears that 200,000 plans had been
worked through and extended during the last week of the month.
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