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Pushing missed mortgage payments to end of loan Covid Relief



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amother
OP


 

Post Fri, Jun 05 2020, 2:35 pm
We have taken a 3 month Corona relief (which the lender calls a short term forebearance) offered by our mortgage lender due to the CARES act. Our income has been reduced during this time so we really needed this relief.
The 90 days are nearing to an end and the lender is offering us to push the three missed payments to the end of the loan and take us out of this short term forebearance. They are telling me that doing this will have the same affect on our credit etc as if I would pay off the entire outstanding balance now. Can I trust them and elect this option or should I pull myself together and make an effort to pay off everything now? (they are pushing me to move it towards the end of the loan, and keep on telling me everything will be the same with my credit etc)
I really don't want this to leave any "blemish" on our records because we would like to get another mortgage or refinance later on.
Any mortgage brokers or anyone in finance who knows anything about this?
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amother
Aquamarine


 

Post Fri, Jun 05 2020, 2:39 pm
My lender offered to extend it another three months, which I accepted. Ask them if they can give another three month forbearance and then you can keep the money in savings (if you have the money, which it sounds like you do), gives you more time to figure it all out
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amother
OP


 

Post Fri, Jun 05 2020, 2:45 pm
amother [ Aquamarine ] wrote:
My lender offered to extend it another three months, which I accepted. Ask them if they can give another three month forbearance and then you can keep the money in savings (if you have the money, which it sounds like you do), gives you more time to figure it all out


Yes they could give me another three months of forebearance but I don't want to push this off. Then I'll owe way too much. I want to resume my payments and be out of forebearance. Just seeing that word on my monthly mortgage statement gives me such anxiety.
Taking the offer to push it to the end of the loan sounds amazing. I just want to know if it's too good to be true or not. Like is there any fine print that they are not telling me?
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amother
Royalblue


 

Post Fri, Jun 05 2020, 3:00 pm
The fine print is that you will be charged interest on that amount. You should find out how much more it will be in the end before deciding if you want to do it.
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groovy1224




 
 
    
 

Post Fri, Jun 05 2020, 3:06 pm
Forbearance will not affect your credit z like your lender told you. However, note that if you choose this option, you will be considered in forbearance for the entire period of the loan, which means you will likely not be able to refinance So this is something you should discuss with them if that is a concern for you.
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amother
OP


 

Post Fri, Jun 05 2020, 3:12 pm
groovy1224 wrote:
Forbearance will not affect your credit z like your lender told you. However, note that if you choose this option, you will be considered in forbearance for the entire period of the loan, which means you will likely not be able to refinance So this is something you should discuss with them if that is a concern for you.


Thanks, I remember someone on Imamother had mentioned this on another thread once, so I did ask them about it and they told me that I would be out of forebearance the minute I choose this option. Can I trust them?
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groovy1224




 
 
    
 

Post Fri, Jun 05 2020, 3:54 pm
amother [ OP ] wrote:
Thanks, I remember someone on Imamother had mentioned this on another thread once, so I did ask them about it and they told me that I would be out of forebearance the minute I choose this option. Can I trust them?


If a loan officer is telling you this, I would trust it. But for extra peace of mind, maybe you can get in touch with the broker that got you this loan, and they could confirm for you?
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amother
Aqua


 

Post Wed, Aug 26 2020, 1:10 pm
ASKING FOR A FRIEND:
Wrote to bank ask for extention, bank wrote back to call.

If they ask on phone "when do you expect to have income again" - what should she say? the answer is - nothing on the horizion

AND
Morgage already was as a foreclosure, went to modification with a special attorney (not cheap), and still shows its from the foreclosed area - would that make them less patient to approve extension?

any tips?

Her H has very low earning potential (unless someone here can do a chessed and offer a job to a loyal hard working math skills and computers skills, but no cs skills)

Any comments appreciated!
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