Listen Now: A New Housing Crisis
Congress set up a plan to protect homeowners–but not everyone is living comfortably.
When the coronavirus pandemic picked up steam, Congress set up a plan to protect people who owned a home but might not be getting a paycheck. Now, according to the Wall Street Journal, about 1 million homeowners have fallen through the holes of that plan.
The safety net from Congress allowed homeowners with federally guaranteed mortgages to skip monthly payments for as long as a year without penalty and make them up later.
But homeowners had to call their mortgage companies and ask for assistance known as forbearance. But, according to the Journal, some people missed that step and now many have fallen behind on payments and dug themselves a deep financial hole.
In the case of more than a million homeowners, that hole is past due by at least 30 days on their mortgage. And many of them are in danger of losing their homes when restrictions on evictions and foreclosures expire in January.
Experts say talk to your mortgage brokers about options, before it’s too late.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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