More than half of mortgage borrowers face income loss amid COVID-19

With the coronavirus pandemic far from over, millions of Americans continue to struggle under the weight of a recession. Over 53% of mortgage borrowers reported some sort of income loss since the COVID-19 outbreak led to a nationwide economic shutdown, according to a LendingTree survey of more than 1,000 mortgage borrowers. When broken down by age groups, 61% of millennials faced income loss, followed by 57% of Gen X and around 37% of baby boomers. Although more than half of borrowers saw income losses, only 18% of mortgage borrowers have missed a mortgage payment since March 2020. Of those who have deferred paying bills, 5% were not in a mortgage forbearance plan with their lender, which allows a temporary reduction or suspension of monthly payments. Meanwhile, 82% of borrowers have continued to make payments – 22% of which are in a mortgage forbearance agreement. The survey showed that just 30% of mortgage borrowers have