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re: Help me understand the mortgage forbearance agreement
Posted on 4/23/20 at 8:40 am to Norla
Posted on 4/23/20 at 8:40 am to Norla
quote:
I guess I understood it to mean that they would forgive up to three months, and then add the three months to the end of the term; not a balloon payment.
Ex. Original term was set to be paid off 6-1-20, the new paid off date would be 9-1-20.
Nope I went through this with the 2016 flood. With the way mortgages are structured and backed by the Fed they can not tack on payments at the end the same way you can say with a car note.
Without knowing the details something about fixed interest, inflation, blah blah blah it's in all mountain of paperwork you sign when you buy a house.
If you defer for three months with a forbearance say May, June, July, then in august when it's up you owe for May, June, July, and August.
The only other option is loan modification they call it. This is basically a refinance and a new agreement. They have to come to a house do a inspection and draw you up a whole new mountain of paperwork to sign.
3
Posted on 4/23/20 at 8:48 am to mindbreaker
quote:
The only other option is loan modification they call it. This is basically a refinance and a new agreement. They have to come to a house do a inspection and draw you up a whole new mountain of paperwork to sign
That happened to me back around 2009 or so when I went through a rough patch. They offered me a loan modification and reduced my interest 2% points and added the past due back to the principle. I took it but it was a huge mistake. They immediately sold my to some really crappy service company, Ocwen, and I never could get someone that knew what they were talking about. They couldn't give me a pay history and always considered my in collections, even 4 years later of On Time payments. It was really tough to get away from them.
Posted on 4/23/20 at 8:52 am to mindbreaker
If you had GMFS in 2016 they royally screwed you with that exact thing. I asked them at least 6 times about whether it was tacked on at end or all due and they said each time it would not be due in 3 months. Guess what happened after 3 months?
Posted on 4/23/20 at 9:32 am to mindbreaker
quote:
f you defer for three months with a forbearance say May, June, July, then in august when it's up you owe for May, June, July, and August.
I’ve been hearing this and seeing people on Facebook posting this so I called my mortgage company out of curiosity because this makes zero sense. If you have a $2,000 mortgage and are laid off and can’t make payments, how the hell are you supposed to pay $6,000 in 3 months. My mortgage company told me you have the OPTION to pay for the 3 months (mine offers up to 6 months) but most people will just have their payments posted to the back end of the loan. I guess other lenders could be different but mine gives you options.
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