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The number of people in forbearance dropped 4% at the end of June to 1.9 million homeowners in forbearance. This number has been declining for 18 consecutive weeks and is expected to drop more in July. And 25% of people leaving forbearance have been making their mortgage payments on-time while in forbearance. This is a great sign that we will NOT see a surge in distressed sales.
Further in a notice from the CFPB on June 30 th , effective August 31 st most mortgage servicers must tell homeowners in forbearance about their repayment plans. And as long as the homeowner is working with their servicer the servicer can’t start the foreclosure process until next year and the servicer must give you options to help you avoid foreclosure.