Looking for more CARES Act information.!
It's nearly impossible to get my mortgage company on the phone right now.. I am trying to fnd out more on the forbarance program in the CARES Act. Is it accurate I can request a pause on payments for up to 12 months due to coronavirus-related hardship? And how will this effect my credit? thanks for your help! by medlynn.Seyfer765 from Cheyenne, Wyoming. Apr 6th 2020
Nancy J Releford (nancyreleford)
#4 ranked lender in Tennessee - 233 contributions
You will have to contact your servicer or mortgage company who your making your payments to. They are the only ones that will able to advise you what they will allow. Please make sure you read & ask questions as to how it will be paid back. One thing you don't want to happen is lump sum is due when this is all over. If you want to share your email address I can email you some info & questions you would definitely need to ask before proceeding.
Won't affect credit for forbearance. Then after the 12 months you should pay it all back. Now if you neee to do a modification to cover past 12 payments then it still may not affect your credit score BUT within 2 years after you want to purchase or refinance an underwriter may see you did a modification. But if no plans that you have in next 2 years you won't have any damage to your credit. There are a lot of alarmist mortgage brokers and lenders that are scaring people about doing forbearance and modifications. This has to do with there own self interest. Call me and I will explain the truth that's going on which is somewhat unethical
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