Prayer #305: For Mortgage Payments Amidst the Coronavirus Crisis
Since June, the number of homeowners that were postponing making their mortgage payments due to the economic effects of the Coronavirus steadily dropped, a very positive sign that there was good economic recovery taking place. However, since November, this decrease has flattened at about 5.5%, down from a peak of 8.55%. As the COVID-19 continues to manifest itself aggressively, the economic recovery appears to have slowed again, with resultant greater pressure on household finances. Economic data may be indicating a slowing economy this winter, with more employers cutting jobs for the first time since this past spring, the number of job openings decreasing, claims for unemployment insurance remaining elevated, and retail sales falling for three consecutive months. Right now, approximately 2.7 million homeowners are in mortgage forbearance. At the peak, which was in June, there were about 4.3 million homeowners in forbearance. The Cares Act, which was passed in March, allowed homeowners of federally-backed mortgages (about 75% of all U.S. mortgages) to postpone payment of mortgages for up to 12 months. It is believed that many will still not be able to resume payments when the Cares Act expires in March. A troubling statistic is that only 35% of homeowners that were in a forbearance plan that expired in December were removed in early January, which means that 65% applied for a new forbearance plan.
Pray for households and homeowners that are struggling financially as the economic effects stemming from the COVID-19 virus continue, and may possibly get worse again before it gets better. Pray for jobs for those out of work. Pray for God's provision for those out of work. Pray for wisdom for our federal and state governments as they seek to discern the necessary steps that need to be taken to alleviate the economic distress.
Matt. 11:28-30: "Come to me, all who labor and are heavy laden, and I will give you rest. Take my yoke upon you and learn from me; for I am gentle and lowly in heart, and you will find rest for your souls. For my yoke is easy, and my burden is light."