Mortgage Payment Deferment during COVID

Anonymous — Mon, 04 May 2020 02:37:54 GMT

So I have been very lucky in the midst of such chaos. I started a great job the same day most stay at home orders were issued. (March 16th) However, for almost 20 months before landing said job I was seriously underemployed and felt like I was sinking. I was sinking but for the help of great family and support. I now have $17k in credit card debt spread out over several cards, owe my mother $20k, and have a $260k mortgage loan with a monthly payment of $1853. I was 30+ days late on the mortgage when the federal government forced FHA lenders to offer forbaremce so I jumped on the opportunity. I used my stimulus money to catch up all my bills, including the mortgage, and feel pretty confident now that I will recover from my financial hell.

My question becomes is this. Since the federal government is forcing mortgage lender's hand to offer assistance and so many people will be struggling to make their payments, can I take advantage of this by not making my mortgage payments and paying off as much of that high interest credit debt while my mortgage is in forbaremce? I understand that I am not off the hook for the debt, however if I can put the payments at the end of my mortgage loan I can make the most of the "free pass".

Re: Mortgage Payment Deferment during COVID

Jnbmom — Mon, 04 May 2020 04:18:10 GMT

Free pass?

This is for people who really need assistance and are struggling to pay their mortgage payment. This is not so one can catch up on their credit card bills and not pay their mortgage .

Re: Mortgage Payment Deferment during COVID

Remedios — Mon, 04 May 2020 04:16:20 GMT

Post that did not adhere to community standards and TOS was removed.

Treating others with respect is not an optional thing.

topic Re: Mortgage Payment Deferment during COVID in General Credit Topics

Mortgage Payment Deferment during COVID

Re: Mortgage Payment Deferment during COVID

Re: Mortgage Payment Deferment during COVID