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Gauging the Pandemic’s Financial Impact

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first_img July 28, 2020 1,136 Views Share Save The Best Markets For Residential Property Investors 2 days ago More than half of mortgage borrowers have lost income due to the COVID-19 pandemic, and close to one in five have missed a payment during the months since the pandemic hit the United States. LendingTree surveyed more than 1,000 borrowers at the end of June to determine how the pandemic is impacting their financial situation and ability to pay their mortgage loans.A total of 53% of borrowers have lost at least some income because of the pandemic, and millennials are the hardest hit. Among millennials, 61% report a loss of income, compared to 57% of Generation X and just 37% of baby boomers.While 82% of borrowers have continued making mortgage payments uninterrupted by the pandemic, the remaining 18% have missed at least one payment. The vast majority of these borrowers have entered a forbearance agreement, but 5% of those who have missed a payment have not entered an agreement with their lender.In total 30% of borrowers across the nation have entered a forbearance agreement with their lender, while another 12% are in the process of applying for mortgage relief.Two percent of survey respondents report being denied for a forbearance plan.LendingTree reported that 44% of those in forbearance plans have an annual household income of $100,000.At the same time, 7% of borrowers with an income of less than $25,000 say they were denied mortgage relief, which is higher than any other income bracket, according to LendingTree.Some borrowers may have been reluctant to enter forbearance because they were unsure of the terms of the relief. Among survey respondents baby boomers were the most likely to be unsure of the terms of forbearance plans. About 37% of baby boomers said they were unclear on the terms, compared to 17% of both Gen Xers and millennials.About two-thirds of borrowers who have lost income say they would consider missing a payment on some type of debt, and of the types of debt payments they would consider missing, mortgage payments were the first choice, closely followed by credit card payments.About 24% of those who might miss a payment said they would miss a mortgage payment, and 23% said they would miss a credit card payment.Also, while many borrowers have entered forbearance plans on their home loans, about 32% have also deferred paying other bills, including auto loans and credit cards, according to LendingTree.“Unfortunately, the response to the coronavirus crisis has been very poor; many layoffs that were temporary are beginning to become permanent, and the economy is likely to remain weak well into 2021,” said Tendayi Kapfidze, Chief Economist at LendingTree. Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia. About Author: Krista F. Brock Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Gauging the Pandemic’s Financial Impact  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Tagged with: Coronavirus COVID-19 in Daily Dose, Featured, Journal, Market Studies, News Demand Propels Home Prices Upward 2 days ago Previous: Fannie Mae Offers Two New Single-Family Green MBS Issuances Next: The Fight Against Zombie Propertiescenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Gauging the Pandemic’s Financial Impact Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Coronavirus COVID-19 2020-07-28 David Wharton Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Subscribelast_img read more

Council urge people to conserve water and take care as thaw sets in

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first_img Help sought in search for missing 27 year old in Letterkenny Twitter News Twitter WhatsApp Google+ Pinterest WhatsApp Council urge people to conserve water and take care as thaw sets in Pinterest Facebook Google+center_img RELATED ARTICLESMORE FROM AUTHOR Donegal County Council says it’s vital that people keep an eye on water supplies in the coming days, and report any leaks or problems immediately.As the thaw sets in, the risk of frozen pipes bursting rises sharply, and Acting Director of Services Joe Peoples says further disruption to supplies is possible, but the council hopes that the restrictions won’t go beyond the areas already affected………[podcast]http://www.highlandradio.com/wp-content/uploads/2010/12/joep1pm.mp3[/podcast]Meanwhile, the council has reopened the Back of Errigal Road and two roads in Inishowen which hasd been closed since Tuesday, but says the roads are not being gritted and are very dangerous. Continued care is urged, particularly with melting snow leading to conditions of water lying on embedded ice on some roads. Facebook 448 new cases of Covid 19 reported today Calls for maternity restrictions to be lifted at LUH Previous articleFresh concerns over A5 following Labour commentsNext articleCarers should not be targetted – Harkin News Highland NPHET ‘positive’ on easing restrictions – Donnelly Three factors driving Donegal housing market – Robinson By News Highland – December 9, 2010 Guidelines for reopening of hospitality sector publishedlast_img read more