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Mortgage Delinquencies Spike Due To COVID-19: What To Do If You Can’t Pay Your Loan

The mortgage delinquency rate jumped nearly four percentage points to 8.22% during the second quarter of 2020, when the economic fallout from the coronavirus pandemic really began taking hold, a new report from the  Mortgage Bankers Association shows. FHA loans—popular among first-time homebuyers who might not have the savings to make a big down payment—led the pack in delinquencies, rocketing to 15.6% past due, according to the National Delinquency Survey. That’s almost double the rate for all loans and the highest delinquency rate since MBA began its record in 1979.