28/03/2020
🚩VERY IMPORTANT REGARDING MISSING MORTGAGE PAYMENTS 🚩
We care about all our clients and referral partners and I hope this message helps someone.
There has been a lot of talk surrounding the ability to NOT MAKE MORTGAGE PAYMENTS for 3 months, 6 months, even 12 months.
The ability to REQUEST this FORBEARANCE is there. The bill passed.
💡 HERE IS MY MESSAGE AND THE MOST IMPORTANT PART:
Please be careful. Please only use this as a last resort. Please make sure to contact your servicer and know the terms well before missing any payments.
The TRUTH is that after this 3 month forbearance you MIGHT owe 4 mortgage payments all at once.
Example: You get the forbearance granted with your servicer and miss April, May, and June payments. Your July 1 mortgage will be for all 4 months and due ALL at once!
This won't be the case for all, so please contact your servicer and check your options
I would hate for any of our clients/partners to get into trouble this way and have credit issues or even worse, face foreclosure.
Unless something changes with this bill where the payments are able to be added to the end of the loan then I really feel this is more of a disservice than a help.
(Being added to the end would be great, but I’m not sure its feasible as this would bankrupt every servicer in the US)
This whole pandemic is impacting everyone. Getting behind on a mortgage that reports to the bureaus could affect your ability to refinance in the future which may be a great opportunity.
If myself or any of our Loan Officers can help answer any questions please reach out.
Thank you to Jonathan Garrick for this valuable information.