Wednesday, June 17, 2020

Can't Catch Up

It's trivial (or should be) for mortgage lenders to just add a few months of payments plus any added interest onto an end of a mortgage. No harm. Or should be.

Landlords have a bit of a trickier problem, as they're gonna have to eat some. But "skip payments for a few months and then make them all up suddenly" is not going to be an option for anybody.

As the United States continues to face record unemployment due to the coronavirus pandemic, 30% of Americans missed their housing payments in June, according to a survey by Apartment List, an online rental platform.

That’s up from 24% who missed their payment just two months earlier in April and about on par with the 31% who missed payments in May. Renters, younger and lower-income households and urban dwellers were the groups most likely to miss their housing payments, Apartment List found.