Louisiana homeowners are feeling the impact the coronavirus has on the state economy. Louisiana is second in the nation regarding homeowners behind on their mortgage payments at about 11%. That means 1 out of ever 10 homeowners are behind on their mortgage.
“And I think some of that is due to the fact that we had a stay at home order put in place very early compared to some other states,” said Professor of Economics at the University of Louisiana, Gary Wagner. “So we are kind of bearing that economic brunt sooner than some other places.”
He says the national percentage of homeowners behind on mortgage payments is around 2%, which is still lower than the historic national high of 9% in 2008. Wagner says there is some help available.
“Homeowners are allowed to ask for forbearance for up to a year,” said Wagner. “So if you are having income issues that has put you in a position where you are unable to make your mortgage payments, you should reach out to your lender.”
