Some 35% of Americans report missing a mortgage payment due to the pandemic and more than 50% are cutting back on essential expenses to afford to make their mortgage payment, according to the National Realtors Association.
With that in mind, impact investor Acumen Fund recently tapped fintech startup EarnUp to distribute $150,000 in emergency funds to homeowners struggling to make ends meet in the current crisis.
EarnUp’s platform automates the process of paying a mortgage, letting borrowers schedule payments when they’re most likely to have the money and change that schedule if they have a few more days to go until payday. Launched in 2013, the company manages more than $10 billion of loans on its platform.
Half a Mortgage Payment
EarnUp started distributing the grants earlier this month, focusing on over 1,000 customers who have entered into forbearance or show other indications of having difficulty