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Message
re: Mortgage Delinquencies are Spiking
Posted on 7/16/20 at 9:42 am to Jobo
Posted on 7/16/20 at 9:42 am to Jobo
quote:
If someone is in forbearance their credit and loan ability will go down so to refinance the interest rate they refinance to will be higher and more restrictions on the loan and Income to debt ratio. So its not just that easy.
Additionally, banks have to transfer forbearance and late loans to non accrual status which means they cant show any income on the loans. Once a loan is moved to non-accrual is pretty hard to get it out even if the loan holder starts making normal payments again. Less income for bank, less capital, higher restrictions to get a loan, then come housing price decreases etc.
In a normal world this would be true but that's not the case currently
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