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Started By
Message
Some Mortgage Relief for anyone that my have lost their job.
Posted on 3/21/20 at 9:47 am
Posted on 3/21/20 at 9:47 am
LINK
quote:
Homeowners who have lost income or their jobs because of the coronavirus outbreak are getting some relief. Depending on their situation, they should be eligible to have their mortgage payments reduced or suspended for up to 12 months.
Federal regulators, through the mortgage giants Fannie Mae and Freddie Mac, are ordering lenders to offer homeowners flexibility. The move covers about half of all home loans in the U.S. — those guaranteed by Fannie and Freddie. But regulators expect that the entire mortgage industry will quickly adopt a similar policy.
Under the plan, people who have suffered a loss of income can qualify to make reduced payments or be granted a complete pause in payments.
3
Posted on 3/21/20 at 9:56 am to NATidefan
There's a lot of fine print with a mortgage relief program that ultimately benefits the bank more than the consumer. It does save some but unfortunately it is just delaying the inevitable for others.
Posted on 3/21/20 at 9:58 am to stout
They did this for Katrina and many people owed 3-6 months of mortgage at one time.
Posted on 3/21/20 at 10:05 am to NATidefan
One of my co workers looked into this just for shits and giggles. He would qualify for 3 months but have to come up with 1 payment for those months at the end of the term.
Posted on 3/21/20 at 10:06 am to MightyYat
My company has a balloon payment as well. That does not help anyone. Theh couldn't work and get yountbe payment in the first place let alone a massive, balloon payment
Posted on 3/21/20 at 10:14 am to bakersman
quote:
One of my co workers looked into this just for shits and giggles. He would qualify for 3 months but have to come up with 1 payment for those months at the end of the term.
Well that blows. But at least it gives you the chance to get a second job once the shite is over to pay it off.
If my company closes I'll have plenty of acess to overtime when we reopen.
This post was edited on 3/21/20 at 10:16 am
Posted on 3/21/20 at 10:37 am to NATidefan
Need to be careful with this one. Most would owe whole amount once pause is done
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