Just realized i can defer the mortgage on a property for 90 days. It's a rental, and my tenants moved out in January as scheduled but i haven't been able to get anyone in there or even schedule a showing.
It's $2k a month. I can carry it, but would be nice if I didn't have to. Anyone apply for a mortgage abatement? What are the terms? Does it damage credit or anything like that?
Wouldn't do this on my residence as we're still employed, but this seems like technically a hardship directly caused by covid19.
Just realized i can defer the mortgage on a property for 90 days. It's a rental, and my tenants moved out in January as scheduled but i haven't been able to get anyone in there or even schedule a showing.
It's $2k a month. I can carry it, but would be nice if I didn't have to. Anyone apply for a mortgage abatement? What are the terms? Does it damage credit or anything like that?
Wouldn't do this on my residence as we're still employed, but this seems like technically a hardship directly caused by covid19.
I haven't done it, but I'm going to assume they just defer the payments to the end of the loan. Not a balloon payment, just 3 extra payments for the missed payments.
Just realized i can defer the mortgage on a property for 90 days. It's a rental, and my tenants moved out in January as scheduled but i haven't been able to get anyone in there or even schedule a showing.
It's $2k a month. I can carry it, but would be nice if I didn't have to. Anyone apply for a mortgage abatement? What are the terms? Does it damage credit or anything like that?
Wouldn't do this on my residence as we're still employed, but this seems like technically a hardship directly caused by covid19.
I haven't done it, but I'm going to assume they just defer the payments to the end of the loan. Not a balloon payment, just 3 extra payments for the missed payments.
I think thats how they are doing it.
there's not a ton of information on it on BofA's website. kid of odd. also, i escrow my taxes and insurance....that's probably going to cause a problem...
Just realized i can defer the mortgage on a property for 90 days. It's a rental, and my tenants moved out in January as scheduled but i haven't been able to get anyone in there or even schedule a showing.
It's $2k a month. I can carry it, but would be nice if I didn't have to. Anyone apply for a mortgage abatement? What are the terms? Does it damage credit or anything like that?
Wouldn't do this on my residence as we're still employed, but this seems like technically a hardship directly caused by covid19.
I haven't done it, but I'm going to assume they just defer the payments to the end of the loan. Not a balloon payment, just 3 extra payments for the missed payments.
I think thats how they are doing it.
there's not a ton of information on it on BofA's website. kid of odd. also, i escrow my taxes and insurance....that's probably going to cause a problem...
It wont. The lender will probably continue to make those payments.
it's going to show on your credit report as late payments and a forbearance. which means you're fucked if you try and refinance or buy a house within 2 years of your last late payment.
I’m guessing it’s a bad idea unless you simply can’t pay. I expect that most of these deals will fuck people over. No free lunch still applies. Banks aren’t nice.
it's going to show on your credit report as late payments and a forbearance. which means you're fucked if you try and refinance or buy a house within 2 years of your last late payment.
they say it won't. this is what they state on the website:
If you are suffering a financial hardship because of a COVID-19 (coronavirus) impact, we can offer you a three month payment postponement*, starting with your current month’s payment. Your account status as of the date of this postponement will be the status that we report to credit bureaus, and you will not be subject to late charges that would normally accrue.
The three postponed payments will be due at a later date, after the three month period has ended. We will work with you on repayment options that work for you, including the potential option to add the payments to the end of your loan.
Yes, I confirm that I have experienced a financial hardship resulting from COVID-19 (coronavirus) and I accept the terms for the three month payment postponement*
No, I don’t want the three month payment postponement
For Consumer and Small Business Home and Vehicle Loan Accounts:
*This offer is based on current account information and loan account status. Changes to account status (e.g. returned payments) may impact your eligibility for this offer. In the event of a change in loan account status that impacts this offer, we will contact you to discuss other options that may be available to you.
Detailed information for loan accounts associated with bankruptcy cases:
If you are in an active bankruptcy case and subject to a bankruptcy plan, please note you may need to modify your plan to reflect any deferral. Also, the Bankruptcy Court may also have procedures in place to temporarily defer plan payments. In either case, please consult with your bankruptcy attorney.
If the debt associated with this account was previously discharged in bankruptcy, this notice is for informational purposes only and is not intended to collect a discharged debt.
it's going to show on your credit report as late payments and a forbearance. which means you're fucked if you try and refinance or buy a house within 2 years of your last late payment.
they say it won't. this is what they state on the website:
If you are suffering a financial hardship because of a COVID-19 (coronavirus) impact, we can offer you a three month payment postponement*, starting with your current month’s payment. Your account status as of the date of this postponement will be the status that we report to credit bureaus, and you will not be subject to late charges that would normally accrue.
The three postponed payments will be due at a later date, after the three month period has ended. We will work with you on repayment options that work for you, including the potential option to add the payments to the end of your loan.
Yes, I confirm that I have experienced a financial hardship resulting from COVID-19 (coronavirus) and I accept the terms for the three month payment postponement*
No, I don’t want the three month payment postponement
For Consumer and Small Business Home and Vehicle Loan Accounts:
*This offer is based on current account information and loan account status. Changes to account status (e.g. returned payments) may impact your eligibility for this offer. In the event of a change in loan account status that impacts this offer, we will contact you to discuss other options that may be available to you.
Detailed information for loan accounts associated with bankruptcy cases:
If you are in an active bankruptcy case and subject to a bankruptcy plan, please note you may need to modify your plan to reflect any deferral. Also, the Bankruptcy Court may also have procedures in place to temporarily defer plan payments. In either case, please consult with your bankruptcy attorney.
If the debt associated with this account was previously discharged in bankruptcy, this notice is for informational purposes only and is not intended to collect a discharged debt.
i never said anything about late charges, i’m talking about how the payment shows on your credit report.
it will ABSOLUTELY show as a forbearance on your credit report.
unless guidelines change, and they probably won't, they will treat forbearance like they do a 90 day late payment, which means you're not refinancing or buying a house any time soon.
but go ahead and trust the banks, that always works out.
source - fannie mae/freddie mac underwriters who review stuff like this daily.
Just realized i can defer the mortgage on a property for 90 days. It's a rental, and my tenants moved out in January as scheduled but i haven't been able to get anyone in there or even schedule a showing.
It's $2k a month. I can carry it, but would be nice if I didn't have to. Anyone apply for a mortgage abatement? What are the terms? Does it damage credit or anything like that?
Wouldn't do this on my residence as we're still employed, but this seems like technically a hardship directly caused by covid19.
I haven't done it, but I'm going to assume they just defer the payments to the end of the loan. Not a balloon payment, just 3 extra payments for the missed payments.
I think thats how they are doing it.
there's not a ton of information on it on BofA's website. kid of odd. also, i escrow my taxes and insurance....that's probably going to cause a problem...
Does BofA own your loan or are they servicing it? Honestly, there are too many variables to adequately answer your question without knowing additional loan details.
Bottom line, if you do not require assistance, you are not a candidate for forbearance.
The thing you have to verify is whether the interest for those 3 months will still be charged but postponed for 90 days or if they will stop charging interest imo…
it's going to show on your credit report as late payments and a forbearance. which means you're fucked if you try and refinance or buy a house within 2 years of your last late payment.
they say it won't. this is what they state on the website:
If you are suffering a financial hardship because of a COVID-19 (coronavirus) impact, we can offer you a three month payment postponement*, starting with your current month’s payment. Your account status as of the date of this postponement will be the status that we report to credit bureaus, and you will not be subject to late charges that would normally accrue.
The three postponed payments will be due at a later date, after the three month period has ended. We will work with you on repayment options that work for you, including the potential option to add the payments to the end of your loan.
Yes, I confirm that I have experienced a financial hardship resulting from COVID-19 (coronavirus) and I accept the terms for the three month payment postponement*
No, I don’t want the three month payment postponement
For Consumer and Small Business Home and Vehicle Loan Accounts:
*This offer is based on current account information and loan account status. Changes to account status (e.g. returned payments) may impact your eligibility for this offer. In the event of a change in loan account status that impacts this offer, we will contact you to discuss other options that may be available to you.
Detailed information for loan accounts associated with bankruptcy cases:
If you are in an active bankruptcy case and subject to a bankruptcy plan, please note you may need to modify your plan to reflect any deferral. Also, the Bankruptcy Court may also have procedures in place to temporarily defer plan payments. In either case, please consult with your bankruptcy attorney.
If the debt associated with this account was previously discharged in bankruptcy, this notice is for informational purposes only and is not intended to collect a discharged debt.
i never said anything about late charges, i’m talking about how the payment shows on your credit report.
it will ABSOLUTELY show as a forbearance on your credit report.
unless guidelines change, and they probably won't, they will treat forbearance like they do a 90 day late payment, which means you're not refinancing or buying a house any time soon.
but go ahead and trust the banks, that always works out.
source - fannie mae/freddie mac underwriters who review stuff like this daily.
While this may be true for FNMA backed loans, this does not unilaterally apply to all loans.
Just realized i can defer the mortgage on a property for 90 days. It's a rental, and my tenants moved out in January as scheduled but i haven't been able to get anyone in there or even schedule a showing.
It's $2k a month. I can carry it, but would be nice if I didn't have to. Anyone apply for a mortgage abatement? What are the terms? Does it damage credit or anything like that?
Wouldn't do this on my residence as we're still employed, but this seems like technically a hardship directly caused by covid19.
I haven't done it, but I'm going to assume they just defer the payments to the end of the loan. Not a balloon payment, just 3 extra payments for the missed payments.
I think thats how they are doing it.
there's not a ton of information on it on BofA's website. kid of odd. also, i escrow my taxes and insurance....that's probably going to cause a problem...
Does BofA own your loan or are they servicing it? Honestly, there are too many variables to adequately answer your question without knowing details additional details you may not have regarding your loan.
Bottom line, if you do not require assistance, you are not a candidate for forbearance.
i don't know if they own it or are just servicing it. but i feel like i meet the qualifications based on this statement:
"If you are suffering a financial hardship because of a COVID-19 (coronavirus) impact,"
i can't rent the property. i can't even show it because of the lockdown. that's created a $2500 drain to my income. seems like a hardship to me.
Just realized i can defer the mortgage on a property for 90 days. It's a rental, and my tenants moved out in January as scheduled but i haven't been able to get anyone in there or even schedule a showing.
It's $2k a month. I can carry it, but would be nice if I didn't have to. Anyone apply for a mortgage abatement? What are the terms? Does it damage credit or anything like that?
Wouldn't do this on my residence as we're still employed, but this seems like technically a hardship directly caused by covid19.
I haven't done it, but I'm going to assume they just defer the payments to the end of the loan. Not a balloon payment, just 3 extra payments for the missed payments.
I think thats how they are doing it.
there's not a ton of information on it on BofA's website. kid of odd. also, i escrow my taxes and insurance....that's probably going to cause a problem...
Does BofA own your loan or are they servicing it? Honestly, there are too many variables to adequately answer your question without knowing details additional details you may not have regarding your loan.
Bottom line, if you do not require assistance, you are not a candidate for forbearance.
i don't know if they own it or are just servicing it. but i feel like i meet the qualifications based on this statement:
"If you are suffering a financial hardship because of a COVID-19 (coronavirus) impact,"
i can't rent the property. i can't even show it because of the lockdown. that's created a $2500 drain to my income. seems like a hardship to me.
You previously intimated that you will not be under hardship by covering your mortgage. There is a distinction between a cash-flow reduction and true financial hardship. I would opt for refinancing before seeking government assistance that I didn't require.