Some homeowners are getting mortgage bailouts by mistake, and it’s keeping them from refinancing

Key Points:

  • In a rush to help consumers who have been impacted financially by the coronavirus pandemic, the government authorized a massive mortgage bailout under the CARES Act.
  • Some borrowers’ inquiries were misunderstood and some servicers, swamped with hundreds of thousands of calls, just put the borrowers into the program.
  • Since early March, complaints to the Consumer Financial Protection Bureau have soared, with mortgage complaints leading the charge.
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