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re: Help me understand the mortgage forbearance agreement
Posted on 4/23/20 at 10:23 am to WMTigerFAN
Posted on 4/23/20 at 10:23 am to WMTigerFAN
quote:
My mortgage company told me that since they're not a bank they can't move it to the end, and that they are regulated different than banks. All due at end of three months. Had to call to learn that.
Yeah i got the same vague excuses in 2016 with the flood. I also had the same problem of promises of not having to pay it till the end and then some other person saying no they should have told me that, or they were wrong or something.
The biggest part to take from the government website is before you do anything at all. Get it in writing. That way they can't renege on it later.
0
Posted on 4/23/20 at 10:23 am to WMTigerFAN
I work in the mortgage department for a bank and we are just extending the maturity date. It is much simpler for both customers and the bank. If your mortgage company is making you pay it all back in 3 months they are probably in bad shape financially and can’t afford to tack the payments on to the end. Also for the escrow question you still need to make that portion of your payment every month- only principal and interest are deferred. Your lender should explain this to you. Hope this helps
Posted on 4/23/20 at 10:42 am to HogBalls
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