My take

If this last longer than say 3 months, that's about the time frame that lenders may start foreclosure proceedings (normally 90-180 days depending on the state)

When everything levels out, banks will do mortgage modifications, roll deliquent charges and payments onto the back end of the loans and offer lower interest rates. 

The end result would be the monthly payment goes down due to the lower interest rates offered

I think the last payments will be forgiven as to credit ratings or at least consumers will be able to dispute them with the credit bureaus.

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