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Will the Coronavirus Outbreak Lead to the Next Foreclosure Crisis?

Will the Coronavirus Outbreak Lead to the Next Foreclosure Crisis?

Under the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, homeowners with a federally backed mortgage loan who’re experiencing a financial hardship, which is due directly or indirectly to COVID-19, can get a forbearance—a suspension or reduction in mortgage payments—for up to 360 days, almost a year. Homeowners have been quickly taking advantage of the ability to get this suspension, and forbearance requests grew by 1,896% between March 16 and March 30, 2020. But what happens when those forbearances…

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