Distressed

In addition to the potential wave of mortgage defaults resulting from coronavirus-driven forbearances, hurricane season could put nearly 7.4 million homes worth $1.8 trillion at risk.

But the number of foreclosures and zombie properties may spike after the moratorium ends on June 30.

Kalahari Resorts defaulted on a $347 million mortgage originated by JPMorgan Chase

Coronavirus-related mortgages in forbearance grew 20 basis points between May 11 and May 17, according to the Mortgage Bankers Association.

County homeowners may be eligible for federal assistance in the form of low-interest loans rather than grants.

The original so-called payment holiday started in March and was set to end next month.

To deal with the crunch, servicers should combine cloud and digital workflow automation technologies.

Total forbearance driven by the coronavirus rose by 25 basis points, which suggests it is still growing but at a slowing pace, according to the Mortgage Bankers Association.

The global hospitality industry is facing the worst downturn in its history, and New York, the epicenter of the coronavirus outbreak in the U.S., is poised for a painful recovery.

Now is the time for mortgage servicers to prioritize customer care for the homeowners they serve.