There are more than 7 percent of mortgage bailouts in Texas and Florida, higher than the national average. Diana Olick joins ‘Closing Bell’ to talk about the number of mortgage bailouts across the U.S. due to Covid-19. For access to live and exclusive video from CNBC subscribe to CNBC PRO:

Just over 3 million homeowners as of last week were delaying their monthly mortgage payments under forbearance plans launched at the start of the coronavirus pandemic.

The bulk of these are government mortgage bailouts. The rest are bank and private label programs. That represents 5.7% of all active mortgages, according to Black Knight, a mortgage data and technology firm.

Certain states, however, are seeing a higher share of borrowers in trouble, likely due to higher levels of Covid-related unemployment. As voters line up on Election Day, some of them may make decisions based on their financial health.

In Florida, Nevada and Texas, a comparatively larger share — 7% to 8% of borrowers — are delaying their monthly payments under these bailouts. In Georgia, just under 7% are in mortgage bailouts. All of these states are seeing shares higher than the national average.

Workers in Florida and Nevada have been hit disproportionally hard by the pandemic because their economies are based on entertainment and hospitality. Texas is being hit by the massive drop in oil prices, also due to the pandemic.

“What we’ve seen in the data is that areas of the country most economically impacted by Covid-19 – though not necessarily those with the most cases per capita — have had the highest share of homeowners in need of financial assistance,” said Andy Walden, Black Knight economist and director of market research.

“States like Hawaii, Nevada, Illinois, New York, Texas and Florida have had among the largest increases in unemployment rates, and have also had among the highest share of their homeowners entering into forbearance plans,” he said.

In Arizona, Pennsylvania, Wisconsin, Ohio, Iowa and Michigan, the share is in the 4% range, below the national average. North Carolina is right around average at 5%.

The bailout programs allow borrowers to delay their payments in three-month increments for up to a year. About 80% of all borrowers in bailouts are on extensions beyond the first three months.

Last week, there was an uptick in new forbearance plans as well as some borrowers coming back into forbearance after getting current on their home loans. The numbers are down significantly, however, from the start of the pandemic.

» Subscribe to CNBC TV:
» Subscribe to CNBC:
» Subscribe to CNBC Classic:

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30:

Connect with CNBC News Online
Get the latest news:
Follow CNBC on LinkedIn:
Follow CNBC News on Facebook:
Follow CNBC News on Twitter:
Follow CNBC News on Instagram:

#CNBC
#CNBCTV…(read more)

LEARN MORE ABOUT: Bank Failures

REVEALED: Best Investment During Inflation

HOW TO INVEST IN GOLD: Gold IRA Investing

HOW TO INVEST IN SILVER: Silver IRA Investing

As the Covid-19 pandemic continues to impact economies around the world, many individuals and families are facing financial struggles, including the ability to make mortgage payments. In response to this crisis, the U.S. government has rolled out various stimulus packages and relief programs to help ease the burden on homeowners.

According to recent data from the Mortgage Bankers Association, approximately 5.7% of all active mortgages are currently in some form of Covid-19 bailout program. These programs, which include forbearance and loan modification options, have provided much-needed relief to millions of homeowners who have been affected by the economic downturn.

Forbearance allows homeowners to temporarily pause or reduce their mortgage payments for a specified period of time, providing them with some financial breathing room during these challenging times. Meanwhile, loan modification programs allow homeowners to renegotiate the terms of their mortgage in order to lower monthly payments and make them more manageable in the long run.

While these programs have been instrumental in helping homeowners stay afloat, there are concerns about the long-term implications of such widespread use of bailouts. Some experts worry that borrowers who are unable to resume full mortgage payments once the forbearance period ends may face foreclosure down the line. Additionally, there are fears that the sheer volume of delinquent mortgages could put a strain on the housing market and lead to a decrease in home prices.

As the situation continues to evolve, it is important for homeowners to stay informed about their options and reach out to their lenders for assistance if needed. The government, along with mortgage servicers and housing counselors, are working together to provide support and guidance to those in need.

Ultimately, the number of active mortgages in Covid-19 bailouts serves as a stark reminder of the financial challenges facing many households as a result of the pandemic. It is crucial for policymakers to continue to monitor the situation and provide targeted relief to those who need it most in order to prevent a full-blown housing crisis.