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Borrowers seeking to put off mortgage payments skyrockets

The number of Americans seeking to temporarily suspend their mortgage payments spiked during the month of March, as the coronavirus crisis accelerated, shuttering businesses and leading a record number of workers to lose their jobs.

Those seeking relief jumped from 0.25% to 2.66% between March 2 and April 1, according to the latest survey by the Mortgage Bankers Association.  

The dramatic uptick “highlights the immediate relief consumers are seeking as they navigate the economic hardships brought forth by the mitigation efforts to stop the spread of COVID-19,” Mike Fratantoni, MBA’s senior vice president and chief economist said in a statement about the survey’s findings.

Homeownership is just one aspect of daily life that the federal government is trying to prop up as the nation reels in the face of a pandemic that has led to the deaths of more than 10,000 Americans and brought the U.S. economy to the brink of recession. 

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