>pretend that the last 3 months didn’t happen for mortgages and add the payments at the end
How are people who can't afford three morgage payments going to afford a triple payment at the end?
How are people who can't afford three morgage payments going to afford a triple payment at the end?
Though to be clear, there are some lenders that implementing it as "at the end of shelter-in-place", but they're in for a hard lesson.
There is also the corner case where the mortgage matures ~now, which is unfortunate, but that's not the case for most of them.
My understanding is that the traditional reading was that the mortgages would be extended for N months, so there is no balloon payment ever; just the loan lasting a bit longer than expected.