Mortgage Firms Brace for Wave of Missed Payments as Coronavirus Slams Homeowners
Mortgage Firms Brace for Wave of Missed Payments as Coronavirus Slams Homeowners
Attention for people that are currently have their loan serviced by either Quicken Loans or Mr. Cooper:
Mortgage Firms Brace for Wave of Missed Payments as Coronavirus Slams Homeowners
Quicken and Mr. Cooper are on the hook for principal and interest even if homeowners are in arrears
Detroit-based mortgage giant Quicken Loans could be facing a cash crunch in coming weeks and possibly need temporary emergency federal assistance if lots of borrowers stop making payments on their home mortgages during the coronavirus pandemic, according to a news report.
The Wall Street Journal identified Quicken Loans as one of the major firms that are bracing for a wave of missed mortgage payments that would require them to quickly come up with billions of dollars that they hadn’t planned on.
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