“Home equity is key to mortgage holders who have seen other homeownership costs soar, including insurance, taxes and HOA fees, as a source of financial buffer." --Selma Hepp, CoreLogic Chief Economist

During the COVID-19 pandemic, when rates remained low, the FHA streamlined its home retention loss mitigation options and provided relief for nearly 1.9 million borrowers. Despite these efforts, the current climate of high mortgage interest rates poses challenges for initiating loan modifications.