topic Re: How to handle with Alliant-Mortgage forbearance with Santander in Mortgage Loans

How to handle with Alliant-Mortgage forbearance with Santander

Anonymous — Thu, 29 Jul 2021 21:39:45 GMT

Hoping to get some advice...

First Mortgage with Santander and owe $124,000 and 2nd mortgage with TD Bank and owe $115,000. Home value is approximately $460,000. Went to refinance the 2nd mortgage with cash out with Alliant Credit Union. During Covid, husband was temporarily laid off and we used the Covid deferral for the first mortgage and continued to pay the 2nd mortgage as it was smaller. Once husband was working again, I called Santander to resume payments and they said since it was an FHA loan, they automatically deferred payments until the final year of the loan approximatley $17,000. We have been current on all mortgages. Alliant underwriter is saying they cannot approve loan since the policy is not to underwrite loans in deferral. Santander says it's not in deferral, however on mortgage statement it shows it s.

How do I handle? It seems like there is a miscommunication with myself and the banks but I'm not sure how to handle.

Re: How to handle with Alliant-Mortgage forbearance with Santander

MauiMan85297 — Thu, 29 Jul 2021 21:57:57 GMT

You have to ask to exit the loan, most UW's want to see a letter stating that you want to cancel FB. Some lenders want you to make 3 regular payments after the exit of FB but there is some that will allow 1 payment or 0.

Re: How to handle with Alliant-Mortgage forbearance with Santander

Anonymous — Thu, 29 Jul 2021 22:11:54 GMT

Thank you for your adivice. We are keeping Santander as the first mortgage (3.30) interest rate and just refinancing the 2nd loan that was an old heloc. We have made 6 months of payments to Santander and I thought that woudl have been good enough for Alliant.

Re: How to handle with Alliant-Mortgage forbearance with Santander

chijo — Fri, 30 Jul 2021 06:18:37 GMT

It sucks, but I think part of the reason some lenders are being extra cautious is the same folks who caused the crash of 2008 are back in place participating in the industry again sans punishment for their crimes. Probably has not much to do with their trust, or lack of, in you. The government let Ocwen take back loan servicing duties for their loans after being CONVICTED of fraud in court. They are who messed up my mortgage paperwork, among others in that REMIC trust game. Crash two is coming with bubbles a burstin'. Hopefully, we will all be on the right side of this one. I agree that you shoukd maybe find a proper way to exit the forbearance. Much is just extra profit to the lenders on the back end that they can gin up from the desperate ones and not real help and they know that.

Re: How to handle with Alliant-Mortgage forbearance with Santander

Anonymous — Sat, 31 Jul 2021 02:57:41 GMT

Today I spoke with TD Bank and they emailed me a letter saying the deferral was completed, but yet they still show the deferred amount as late and due in full. I signed paperwork saying we would take it on to the last year of the mortgatge. Not sure if this is legal, as they were not allowed to report the deferred payments as late to the credit reporting agencies, but yet here they are reporting it late.