cancel
Showing results for 
Search instead for 
Did you mean: 

ABSOLUTELY LIVID- FILE IS IN UNDEWRITING- HELP!

tag
Anonymous
Not applicable

Re: ABSOLUTELY LIVID- FILE IS IN UNDEWRITING- HELP!

Here is the actual law:

Coronavirus Aid, Relief, and Economic Security Act, Pub. L. No. 116-136, § 4201 (2020) (stating that, with certain exceptions, “if a furnisher makes an accommodation with respect to 1 or more payments on a credit obligation or account of a consumer, and the consumer makes the payments or is not required to make 1 or more payments pursuant to the accommodation, the furnisher shall—(I) report the credit obligation or account as current; or (II) if the credit obligation or account was delinquent before the accommodation—(aa) maintain the delinquent status during the period in which the accommodation is in effect; and (bb) if the consumer brings the credit obligation or account current during the period described in item (aa), report the credit obligation or account as current”). In addition, section 3513 of the CARES Act addresses the furnishing of certain student loans for which payments are suspended.

https://files.consumerfinance.gov/f/documents/cfpb_credit-reporting-policy-statement_cares-act_2020-...

I stated United States code earlier, but it obviously hasn’t made it that far yet; it’s in the Public Laws, which it goes into before it’s codified into the US code.
Message 61 of 64
Anonymous
Not applicable

Re: ABSOLUTELY LIVID- FILE IS IN UNDEWRITING- HELP!

Not trying to dominate the thread here I apologize, but upon reading the actual law, if they give you forbearance, they have to still mark it as current.

There’s nothing that permits or prohibits adding any remarks. So as stated upthread it’s definitely a way for lenders to communicate to other lenders that there may have been a forbearance even though it was caused as a result of a natural disaster.

I would imagine some lenders would look at this as the creditor not having sufficient emergency funds and therefore being possibly overextended and a higher risk, IMHO.

Message 62 of 64
FSUGAPEACH
Contributor

Re: ABSOLUTELY LIVID- FILE IS IN UNDEWRITING- HELP!

Not sure if yall saw this post on a different thread but this was passed by FHA Yesterday! Apparenlty, we aren't the only people up in arms about this since now they have an official ruling about how they will tread this situation moving forward-

 

https://www.fhfa.gov/mobile/Pages/public-affairs-detail.aspx?PageName=FHFA-Announces-Refinance-and-H...

 

In summary- as long as your making payments but your account says in forbearance you can still purchase a home. 

Message 63 of 64
RSX
Valued Contributor

Re: ABSOLUTELY LIVID- FILE IS IN UNDEWRITING- HELP!

^^makes sense

this is why i was stating earlier that it will be taken into account - i couldnt imagine that you were the only one in this situation

but i am not a UW - so what i think makes sense, doesnt always apply....

Dec 16/2019. EX. 721. EQ. 723. TU 746
Jan 25/2024 EX. 774 EQ. 751 TU 758
Inq. EX 2 EQ 3 TU 6 - - CC 2x24, 0x12
Amex BCP $35k - Apple GS $21k - BMW/Elan $19k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Bountiful $10k - Chase United Club Infinite $26k - Citi CustomCash $3k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $31.5k - PayBoo - $15.6k - Penfed Gold - $19.3k - USB AltitudeGO -$19k- USBank Cash+ -$25k - PenFed LOC - $20k - USB LOC - $15k
Message 64 of 64
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.