Rough times ahead

[toldozer]

On 4/18/2020 at 11:05 AM, LinvilleGorge said:

My mortgage is backed by Fannie Mae. I called Fannie Mae directly. They told me the loan servicers cannot do this. They're required to work with the borrower on a repayment plan up to and including loan modification to add those months to the back end of the loan. The mortgage servicers just don't want to do that, so they're posturing.

I'll report back when/if I hear back from my FTC complaint and from the two CO senators and my CO congressman that I wrote.

In process of buying an investment property, now on hold while I'm furloughed.  The broker I'm dealing with and that I've known for a while said that deferment really should be a last resort because as of right now even if they grant it to be paid at the end of the loan it will cause major issues for people if they ever want to get a new loan.  I'm assuming eventually this will be seen as some sort of grace period where lenders can't hold that against you but it will have to be government mandated and that isnt the case right now. Just curious and this is a personal question so dont answer if you dont want but with all the current monetary help from the government,  why do you need a forbearance? 

[LinvilleGorge]

1 minute ago, toldozer said:

In process of buying an investment property, now on hold while I'm furloughed.  The broker I'm dealing with and that I've known for a while said that deferment really should be a last resort because as of right now even if they grant it to be paid at the end of the loan it will cause major issues for people if they ever want to get a new loan.  I'm assuming eventually this will be seen as some sort of grace period where lenders can't hold that against you but it will have to be government mandated and that isnt the case right now. Just curious and this is a personal question so dont answer if you dont want but with all the current monetary help from the government,  why do you need a forbearance? 

I don't really NEED it right now. It's more about exploring future options. I always try to look ahead so I'm never caught scrambling.

[toldozer]

7 minutes ago, LinvilleGorge said:

I don't really NEED it right now. It's more about exploring future options. I always try to look ahead so I'm never caught scrambling.

Yeah if it's just an option I would say dont do it, at least from what I've heard. Especially if you want to move anytime in the next 10 years. If you are planning on staying there forever I guess it really doesn't matter.

[LinvilleGorge]

On 4/14/2020 at 11:45 AM, LinvilleGorge said:

The recently passed CARES act is supposed to allow for a period of up to 180 days of mortgage forbearance followed by another up to 180 day forbearance if necessary for borrowers with government backed mortgages and requires lenders to work with borrowers after that period including offering loan modifications. My mortgage servicers is offering 90 days forbearance with the complete balance due at the end of the forbearance. My mortgage is backed by Fannie Mae. I just reported my loan servicer to the FTC.

This proved to be a good move. I got a call from my mortgage servicer today to apologize for the "previous miscommunications" and that per my "written request" (the only thing I wrote was to the FTC) that my mortgage had been approved for all avenues of offers proved by the CARES Act.

If you're having issues with your mortgage servicer and they're not complying with the law, report their ass to the FTC.