The CARES Act: Allowed People to Skip their House Payments for Up to 1 Year – How it Impacts Those Borrowers

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Barb Schlinker Radio Show

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‘Barb, why would someone who has a mortgage want to know who owns their loan?’

  1. Because they may not have the protections of the Cares Act if their loan is held by a private company
  2. Fannie Mae – Conventional Loans
  3. Freddie Mac – Conventional Loans
  4. FHA – FHA Loans
  5. VA – VA Loans
  6. Normally if a house payment is missed, it will drop your credit score by about 100 points.

The other issue is that you cannot get another mortgage for at least 1  year.

With them putting that NOTE on your credit about Forbearance, it has the same affect, no new mortgage for at least 1  year.

I also read that they can get a new loan, meaning refinance after they have gone back to making payments for 3 months.

Either way, it’s a tough situation, giving big government and lenders control over your destiny.

If you can make the payments do so is the best advice.

And, if you talk to your lender about Forbearance, have your credit pulled after that to make sure they did not put a NOTE on your credit that it is in forbearance if you are making payments.  From what I read lenders are NOT to be trusted.

I recently spoke with a client who lost partial pay and discussed it with their lender and they are planning to buy a home soon in another state.

 

Richard, I hope our listeners pass this information on to people who are struggling to make sure they take the right step

 

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