Mortgage Forbearance Rate Drops for Sixth Straight Week, Hits Lowest Level in a Year

Maurie Backman, The Motley Fool
·3 min read
Mortgage Forbearance Rate Drops for Sixth Straight Week, Hits Lowest Level in a Year

This included homeowners, many of whom instantly struggled to pay their mortgages. Thankfully, the CARES Act was signed into law in late March of 2020, and it included a provision allowing homeowners experiencing any financial hardship to put their loans into mortgage forbearance. Initially, mortgages in forbearance were allowed to be paused for up to 12 months, but that timeline has since been extended to 18 months.