[Big Lou]

https://www.consumerfinance.gov/about-us/blog/guide-coronavirus-mortgage-relief-options/

I hope your mortgage lender has notified you of this option available for your home loan.

Under the latest coronavirus relief bill, Congress passed what it called the CARES Act, you can request an option to forgo up to 180 days of forbearance on your mortgage.

That forbearance allows you to pause or reduce your mortgage payments, but it is not loan forgiveness. If, after six months, you're still experiencing financial difficulties, you can request up to another 180 days.

Keep in mind, this is not a forgiveness of the monies due, the entire amount will be due at the end of this forbearance period.

Please take in all information regarding this program and it wouldn't hurt to contact your lender and see how they interpret the Care Act.

I'm considering doing this just in case things get worse. The monies for my mortgage will be set aside and will not spend it till the end of the forbearance period. In which case I'll either pay it back in full, make arrangements, or if things go the way I hope, Congress will add to the Care Act and allow the lenders to fold these back payments to the end of the loan.
If the mortgage interest rates drop after these 3 to 6 months, that will be another option to consider.

I'm interested in your thoughts.

 

[AuxCordTherapy]

I called my mortgage company. It’s the most useless thing ever. The option is to pay whatever you can or nothing at all for 3 months, after the 3 months is up you have to pay 4 months worth of mortgage lmao. If you can’t pay it again, they’ll extend it another few months and your mortgage amount would just keep piling up. One way or another you gotta come up with every penny within a year. Makes no difference to me if I have to pay now or 3 months later.

The only thing I was interested in is if they could move the payments that I didn’t want to make now towards the back end of the loan. But of course those greedy bastards won’t do that, knowing that the monthly mortgage I pay now won’t have the same value 20+ years down the line (inflation). Imo it’s just not worth it because most people can’t make enough money to pay 4 mortgage payments in one month if and when things return to normal.

 

[Big Lou]

I called my mortgage company. It's the most useless thing ever. The option is to pay whatever you can or nothing at all for 3 months, after the 3 months is up you have to pay 4 months worth of mortgage lmao. If you can't pay it again, they'll extend it another few months and your mortgage amount would just keep piling up. One way or another you gotta come up with every penny within a year. Makes no difference to me if I have to pay now or 3 months later.

The only thing I was interested in is if they could move the payments that I didn't want to make now towards the back end of the loan. But of course those greedy bastards won't do that, knowing that the monthly mortgage I pay now won't have the same value 20+ years down the line (inflation). Imo it's just not worth it because most people can't make enough money to pay 4 mortgage payments in one month if and when things return to normal.

Good stuf AuxCord
That's right, you are stuck for the full amount of the back payments at the end of the forbearance period. My lender is Mr. Cooper (not of my choosing) make it clear in the application process to include in the very first sentence. "This is not a loan forgiveness".
You can't go into this program if you think you are getting something for nothing. It's a strategic financial move hoping for an improvement in the CARE Act or the lowering of the mortgage rates.

 

[20yearsdriving]

If my mortgage co. gives me the option to postpone I will take it as far as possible .. I can safely work that money.
It’s like an interest free one year loan... If I understand correctly.

 

[ANT 7]

They have the same deal here in Kanaduh.

Apparently, the banksters are giving applicants for 6 months of relief the third degree, requiring complete applications and paper verification, as well as full disclosure of all assets in other banks, or countries, etc, and only helping you if you're truly flat broke.

Somehow, I don't think that was the spirit and intent of the program, and it's starting to become a political issue up here. I don't care because we don't need to use it, but I think the banksters are going to get a serious comeuppance from it.

 

[Big Lou]

Something is brewing here. If you notice, this forum now has mortgage finance companies pop up adds. Another reason I think my bet will pay off is when called my loan holder for information on a refinance home loan, it turned out to be an application just for talking to that person from India. The same day I got all the documents to sign with the understanding that once I sign, i'm locked into those rates. She called, which I had a time understanding with the heavy accent, to ask me to proceed and sign and it will take up to 90 days to close. I emailed her again to withdraw my application.
My question to myself is .....why are they so anxious to lock in the loan at this time with the Care Act available. My assessment is that they want to lock in as most of us now to counteract the possible enhancement to the act. I may be wrong and it's just a hunch, but it won't cost me.

They have the same deal here in Kanaduh.

Apparently, the banksters are giving applicants for 6 months of relief the third degree, requiring complete applications and paper verification, as well as full disclosure of all assets in other banks, or countries, etc, and only helping you if you're truly flat broke.

Somehow, I don't think that was the spirit and intent of the program, and it's starting to become a political issue up here. I don't care because we don't need to use it, but I think the banksters are going to get a serious comeuppance from it.

ANT 7.....
How's it working with that program in the land of Canucks?

 

[AuxCordTherapy]

Something is brewing here. If you notice, this forum now has mortgage finance companies pop up adds. Another reason I think my bet will pay off is when called my loan holder for information on a refinance home loan, it turned out to be an application just for talking to that person from India. The same day I got all the documents to sign with the understanding that once I sign, i'm locked into those rates. She called, which I had a time understanding with the heavy accent, to ask me to proceed and sign and it will take up to 90 days to close.
My question to myself is .....why are they so anxious to lock in the loan at this time with the Care Act available. My assessment is that they want to lock in as most of us now to counteract the possible enhancement to the act. I may be wrong and it's just a hunch, but it won't cost me.

They are always anxious to get you to refinance. The reason being is that during the first few years you're basically just paying interest to them. As the years progress your payments will go more and more towards the principal and less to the interest. Towards the end of your loan most of what you will pay will go towards the principal (actual amount you owe on the house minus the interest).

They want to avoid that and keep refinancing you so you pay more interest to them. Right now 2/3 of what I pay is going towards the interest. Only refinance if your interest rate is extremly high and very low rates are available. You'd still have to qualify for the lowest rate, what they advertise is not generally what you will end up with.

 

[Lets_Eat]

If my mortgage co. gives me the option to postpone I will take it as far as possible .. I can safely work that money.
It's like an interest free one year loan... If I understand correctly.

LOLOLOLOLOLOLOLOLOLOLOLOL

 

[20yearsdriving]

LOLOLOLOLOLOLOLOLOLOLOLOL

Got to play the socialist hand to its full extent .. AMEX dropped my interest rate to 3% yesterday.

 

[Lets_Eat]

Got to play the socialist hand to its full extent .. AMEX dropped my interest rate to 3% yesterday.

Good luck!

 

[20yearsdriving]

Good luck!

I'm good bro .. outperforming the stock market daily.

 

[ANT 7]

ANT 7.....
How's it working with that program in the land of Canucks?

From what I've read online they are overwhelmed with requests.

 

[Lux On]

Virus will go away then housing will crash all people behind 3-4 month morgage payments with no jobs. Im scared the old world is over.

 

[20yearsdriving]

Virus will go away then housing will crash all people behind 3-4 month morgage payments with no jobs. Im scared the old world is over.

More bailouts and welfare coming .. those who decide not to work will be greatly rewarded.

 

[Big Lou]

They are always anxious to get you to refinance. The reason being is that during the first few years you're basically just paying interest to them. As the years progress your payments will go more and more towards the principal and less to the interest. Towards the end of your loan most of what you will pay will go towards the principal (actual amount you owe on the house minus the interest).

They want to avoid that and keep refinancing you so you pay more interest to them. Right now 2/3 of what I pay is going towards the interest. Only refinance if your interest rate is extremly high and very low rates are available. You'd still have to qualify for the lowest rate, what they advertise is not generally what you will end up with.

Aux.....
My loan is not new but my equality is pretty high and as like I said,,,
I'm glad this is available, but it is tilted towards the lender, especially if the lender is a predator waiting for defaults. Got to go in with eyes open and , as in my case, it's a calculated decision for the end results without any monetary risk.
I just hope some of these people don't look at this as a way not to pay their mortgage without any blow back. Every penny in
forbearance will be due.
As it stands today, the only options available after the period is over will be tacking it on over months which will make your note way higher, and that's not a great option.

Virus will go away then housing will crash all people behind 3-4 month morgage payments with no jobs. Im scared the old world is over.

I think I know what your Nexflix play list is like: