The number of requests to delay mortgage payments has skyrocketed in recent weeks due to the global coronavirus pandemic. According to CNBC, the Mortgage Bankers Association released data showing the increase in requests began in early March when many cities and states began closing non-essential businesses.
Requests to delay mortgage payments jumped 1,270% during the first two weeks of March and then another 1,896% in the latter half of the month. In April, the numbers continued to climb, in part because of the Cares Act, which mandates that all borrowers with government-backed mortgages be allowed to delay their monthly payments for at least 90 days.
Trump signed the bill into law on March 27, and in the days the followed, more than 700,000 people requested a delay in their mortgage payments.
Borrowers looking to request help need to have patience. In the past month, banks and mortgage brokers have been flooded with calls and are struggling to keep up. The average wait time to speak with a representative is 17.5 minutes, though just a few weeks ago, it averaged between two and three minutes.
To keep up to date on the latest news about the coronavirus and to understand what you need to stay safe and healthy, check out the Coronavirus: Fact vs. Fiction podcast from CNN Chief Medical Correspondent Dr. Sanjay Gupta.
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