Mortgage lenders are preparing for what some experts have called the “biggest wave of delinquencies in history.”
The longer the economy remains down, the harder it will be for millions of Americans to pay their mortgage. One estimate from Moody’s Investors Service in New York says up to 30 percent of mortgage holders won't be able to if the health emergency persists through the summer. Jackie Boies, in the Money Management International's Sugar Land office, says she's seeing an influx of Houstonians with the same problem, and anticipates seeing more by the end of the month.
“For those mortgage payments that are coming due, there are going to be a large number of people reaching out for services, because they’re going to be struggling to make those payments,” Boies told KTRH.
Boies says she has been talking with clients about getting forbearance, but she has been reminding homeowners they will still have to eventually make all their payments in full.