OP,
I also thought it was as easy as just tacking it on to the back end. At least, that's how everyone was making it sound. I wish you and your father good luck.
Please keep us updated as you discover new information.
@Mland-EC wrote:The consumer had to work out a payment plan that COULD include simply deferring them to the end of the mortgage and delaying the payoff date by the number of months deferred.
WRONG, yes he can keep his home and we can do that, but his credit will show him 6 monthd late forever unless he actully caught up. So it is not so simple to just add it to the end, heck that would be so easy and exactly what we wanted!
According to his lender ONLY A refi with new terms will save his credit or payaing off the 6 months he skipped. Adding 6 months to the end will not save his credit.We are still negotiating and trying to get them to see exaclty what you are saying, but right now they are not reading the law like that, as far as reporting the credit anyhow.
It isn't wrong. It isn't what is happening for your Dad. I friend of mine and her husband were able to do exactly that. Whether or not a lender WILL do this depends entirely on the specifics of each situation which also includes laws specific to the state where the home is. It does not mean that this is the only option to salvage the situation for consumers. I get it that this scenario is exactly what you want but that doesn't mean the creditor agrees and is willing or able under state law to do that.
I did a word search. Forbearance only comes up once, under the Homeowner Assistance Fund. Section B: financial assistance to allow a homeowner to reinstate a mortgage or to pay other housing related costs related to a period of forbearance, delinquency or default.
That's it.
But CNBC had an article that indicates (Mod cut) the federally backed lenders to allow 15 months of forbearance.
@OmarR wrote:OP,
I also thought it was as easy as just tacking it on to the back end. At least, that's how everyone was making it sound. I wish you and your father good luck.
Please keep us updated as you discover new information.
If ONLY that were true. That is why they keep stressing that consumers HAVE to work this out with their lender or landlord. The reality of the situation is if they do not get a new set of terms and get it in writing and this goes to court the consumer IS going to lose in the end if they have not paid. Consumers have been fortunate in these unprecedented times that they got the reprieve they did but in reality there was no legal basis to provide it for the sheer length of time it has been pushed to. The majority of the furor over all of this is emotional not legal but when it comes to court emotion won't be factored in.
@KatSoDak wrote:I did a word search. Forbearance only comes up once, under the Homeowner Assistance Fund. Section B: financial assistance to allow a homeowner to reinstate a mortgage or to pay other housing related costs related to a period of forbearance, delinquency or default.
That's it.
But CNBC had an article that indicates (Mod cut) the federally backed lenders to allow 15 months of forbearance.
My educated guess is that all of the forbearance moratorium orders address pausing the payments but say NOTHING about credit reporting for that period leaving the decision to the lenders in the end.
