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CARES Act VA mortgage forbearance
Posted on 5/12/20 at 5:51 pm
Posted on 5/12/20 at 5:51 pm
Why would I not do this? I'm trying to sell my home and currently paying mortgage and rent. I could take that money and pay off debt or make improvements to assist in selling my house.
3
Posted on 5/12/20 at 6:04 pm to cubsfan5150
1) I have no knowledge of how this works
2) My gut tells me that like most things in life, there will be some sort of "catch".
2) My gut tells me that like most things in life, there will be some sort of "catch".
Posted on 5/12/20 at 6:06 pm to cubsfan5150
I read somewhere there's no guarantee you get the payments added to the end, rather, they expect the full amount at the end of forbearance and you have to apply to add them to the end.
I dont know if thats true or not but look into it
I dont know if thats true or not but look into it
Posted on 5/12/20 at 6:17 pm to cubsfan5150
You will be expected to pay lump some of amount owed when forbearance period is over. If you can’t pay that amount you will have to work with mortgage servicer to restructure. You will go through lots and lots of paperwork doing this to show you qualify for extended terms or forgiveness. If you don’t qualify and can’t make up a lump some at the end you will start accruing late payments with fees and will affect your credit history and score.
Posted on 5/12/20 at 6:30 pm to HYDRebs
Under the terms of the CARES Act, government backed loans only are eligible and there is no interest accrued and you just pick up payments again after 360 days, with no lump sum due.
Posted on 5/12/20 at 6:32 pm to Tiguar
quote:this. You’ll be betting on the Fed to come and buy your loan (which they probably will).
I read somewhere there's no guarantee you get the payments added to the end, rather, they expect the full amount at the end of forbearance and you have to apply to add them to the end
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