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Millions Miss Mortgage Payments in May

The number of mortgage holders who missed payments in May climbed to 4.3 million in May. That’s up from 2 million who missed payments in April and the highest level since 2011.

The data from mortgage data company Black Knight shows the overall mortgage delinquency rate for May at 8 percent of all mortgages.

CNN reports that the number includes those who have made arrangements to delay paying their mortgages through forbearance programs offered by their mortgage service servicer and those who simply did not make their payments. Those with forbearance arrangements are supposedly protected from being reported to credit reporting agencies as delinquent on their loans.

Serious delinquencies have been on the rise during the pandemic, according to the report from Black Knight. But daily tracking numbers for June show that more homeowners are now making their payments, suggesting that the delinquencies may be at least leveling off.

Foreclosure is generally the next step on seriously delinquent mortgages, but several states have placed a moratorium of foreclosures, at least for now.

The states with the highest number of delinquent mortgages are Mississippi at 13 percent, followed by Louisiana, New Your, New Jersey and Florida.

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