What happens to homeowners and landlords when the
federal, state, and local protections put in place during the pandemic go away?
The Consumer Financial Protection Bureau
(CFPB) is warning that the answer is hanging in the balance. Moratoria on
foreclosures and evictions coupled with widespread availability of forbearance
plans have held disaster at bay, but CFPB says 2.1 million families are behind
at least three months on mortgage payments, and another 8.8 million are behind
on rent. The aggregate 11 million represent 10 percent of total U.S. households.
Homeowners alone are estimated to owe almost $90 billion in missed payments.
The last time this many families were behind on their mortgages was during the
Great Recession. “Put simply,” the report says, “we
have very little time to prevent millions of families from losing their homes.”