over a relatively short time for people to have equity in their homes. Sure, if they don't have to pay their mortgage they don't for the time being, and maybe they even get those payments forgiven with some crazy legislation in the future.

But missing a years' worth of mortgage payments isn't going to add up to a whole lot when you figure it's just the interest they owe. I think the vast majority of those owners taking advantage of the moratorium will just pick up their mortgage payments when they're forced to, or just sell and take their equity. Why would anyone let their home fall into foreclosure when there's very likely equity in it? Right now they just don't have anywhere else to go, and certainly not for free, but when push comes to shove, they'll sell, cash out and move.

This is unlike 2008 when housing prices fell and people were underwater. That was when the foreclosure boom hit.
I don't see it with the conditions we're in right now.

That being said, I'm in the bay area where your house value goes up when the next house in the neighborhood sells for $10k more than you paid last week. Anecdotally, I don't know or have heard of a single homeowner here that has stopped paying their mortgage. I don't know one landlord, myself included, that has a tenant not paying rent.