Author Topic: Residential Mortgages  (Read 12243 times)

Offline zale

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Re: Residential Mortgages
« Reply #60 on: May 05, 2020, 01:39:56 PM »
Is there a way to undo a forbearance request?

Offline zagguru

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Re: Residential Mortgages
« Reply #61 on: May 12, 2020, 06:50:02 PM »
any more data points if the 3 month mortgage deferment will show up on your credit as forbearance?

Offline Mordyk

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Re: Residential Mortgages
« Reply #62 on: May 12, 2020, 07:07:05 PM »
any more data points if the 3 month mortgage deferment will show up on your credit as forbearance?
Comes up as a memo or notation
#TYH

Offline Shua

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Re: Residential Mortgages
« Reply #63 on: May 12, 2020, 07:53:57 PM »
Is there a way to undo a forbearance request?

I called my lender and cancelled my request. They sent me a letter a few days later stating the cancellation went through.

However I requested the forbearance and the cancellation before my mortgage was due. (Requested forbearance at beginning of April, put in cancellation a week later)

Offline zagguru

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Re: Residential Mortgages
« Reply #64 on: May 13, 2020, 07:34:04 AM »
Comes up as a memo or notation

I checked my credit yeterday for my chase mortgage. Did not see any notation. Shows that I am paying as agreed

Offline Mordyk

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Re: Residential Mortgages
« Reply #65 on: May 13, 2020, 08:29:39 AM »
I checked my credit yeterday for my chase mortgage. Did not see any notation. Shows that I am paying as agreed
I have a co signer and he let me do the forbearance.   In the papers i signed it said they won't report anything.  He told me they reported.  Im fighting it now.  Meanwhile i went off the program so it's not another month
#TYH

Offline AsherO

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Re: Residential Mortgages
« Reply #66 on: May 13, 2020, 08:33:48 AM »
How long do these forbearance notes stay on?
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Offline zagguru

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Re: Residential Mortgages
« Reply #67 on: May 13, 2020, 09:57:55 AM »
I have a co signer and he let me do the forbearance.   In the papers i signed it said they won't report anything.  He told me they reported.  Im fighting it now.  Meanwhile i went off the program so it's not another month

Forbearance is different than what I am asking. I asked about the 3 month deferment that most banks are offering. Forbearance is federally mandated for up to 12 months by the CARES act. Forbearance from what i understand will show on your credit, while 3 month deferment will not.

Offline cgr

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Re: Residential Mortgages
« Reply #68 on: May 13, 2020, 10:19:28 AM »
Forbearance is different than what I am asking. I asked about the 3 month deferment that most banks are offering. Forbearance is federally mandated for up to 12 months by the CARES act. Forbearance from what i understand will show on your credit, while 3 month deferment will not.

The federally mandated forbearance should not show on your credit (legally- what they actually end up doing is a different story altogether).

Offline AsherO

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Re: Residential Mortgages
« Reply #69 on: May 13, 2020, 10:34:32 AM »
The federally mandated forbearance should not show on your credit (legally- what they actually end up doing is a different story altogether).

The rules are that it shouldn't affect your score, and notes/comments of this type don’t affect the score. Lenders can choose to add comments, and other lenders can choose to consider those comments when making a decision on a loan application.
« Last Edit: May 13, 2020, 11:16:54 AM by AsherO »
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Offline Mordyk

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Re: Residential Mortgages
« Reply #70 on: May 13, 2020, 11:04:09 AM »
Forbearance is different than what I am asking. I asked about the 3 month deferment that most banks are offering. Forbearance is federally mandated for up to 12 months by the CARES act. Forbearance from what i understand will show on your credit, while 3 month deferment will not.
my bank only did the three month forbearance
#TYH

Offline cgr

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Re: Residential Mortgages
« Reply #71 on: May 13, 2020, 11:12:08 AM »
my bank only did the three month forbearance

If you have a Fannie Mae or Freddie Mac mortgage, you need to ask for it. They don't advertise the fact that you're eligible.

Offline cgr

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Re: Residential Mortgages
« Reply #72 on: May 13, 2020, 11:12:47 AM »
The rules are that it should affect your score, and notes/comments of this type don’t affect the score. Lenders can choose to add comments, and other lenders can choose to consider those comments when making a decision on a loan application.

You mean shouldn't affect your score?

Offline AsherO

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Re: Residential Mortgages
« Reply #73 on: May 13, 2020, 11:16:24 AM »
You mean shouldn't affect your score?

I do. Just noticed earlier today someone else made a similar typo here 😳
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Offline TBD

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Re: Residential Mortgages
« Reply #74 on: May 14, 2020, 11:43:00 AM »
Anyone tried by TD bank?

Offline zagguru

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Re: Residential Mortgages
« Reply #75 on: June 07, 2020, 07:38:48 PM »
Closing in on the end of the 90 day deferment. Got this message from chase:

Quote
To help bring this mortgage up to date, we can defer unpaid amounts to the end of the mortgage.
How this offer works
We'll defer unpaid principal and interest amounts to the end of the mortgage.
The deferred amount will come due in a single payment at the end of the mortgage, called a "balloon payment". We won't charge interest on the balloon amount. If you pay off the mortgage early, you'll need to pay the deferred amount then.
We didn't assess late fees during your assistance period. However, any previous outstanding late fees will remain on the account.
We'll continue to provide payment assistance while we process your request.
Once we finish processing we'll mail you a confirmation with the deferred amount, and regular monthly payments will resume.

Thoughts? I smell that this would neg impacting credit and future lending.

Offline TBD

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Re: Residential Mortgages
« Reply #76 on: July 07, 2020, 02:01:56 PM »
https://www.tdbank.com/exc/pdf/Forbearance%20Plans-FAQs.pdf

How will a Forbearance Plan impact my credit?
We will report information about the Forbearance Plan to credit reporting agencies; the account will be reported as “current”
for the Forbearance Plan period. If you are delinquent before the Forbearance Plan starts, the account will be reported with
that delinquency unless or until the account is brought current. Credit reporting agencies compile your credit report and credit
score. We are uncertain of the impact of reporting your account in forbearance on your credit report and credit score but will
take steps to minimize any negative impacts during the Forbearance Plan.

Offline simple26

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Re: Residential Mortgages
« Reply #77 on: July 12, 2020, 02:25:53 AM »
How long do these forbearance notes stay on?
Can anybody comment on this ?
Does it disappear when when the forbearance period is over or stay on for x amount of time?

Offline Moishy123

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Re: Residential Mortgages
« Reply #78 on: February 16, 2021, 12:42:55 AM »
Anyone with actual experience after finishing his forbearance How the bank proceeded? Did they request lump sum? pushed it off till the end of the mortgage?

Offline Lurker

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Re: Residential Mortgages
« Reply #79 on: March 07, 2021, 04:39:15 PM »
Bumping this, because I wasn't following the other thread and I'm sure I'm not the only one:

Foreclosure and Forbearance Expansion

President Biden has extend and expanded foreclosure and forbearance options for homeowners through June:

-Foreclosure moratorium extended
-Forbearance enrollment deadline extended
-Additional 6 months of forbearance available

Details in my signature block below.
Failing at maintaining Lurker status.