covid 19 mortgage deferment: MORTGAGE FORBEARANCE AND YOUR CREDIT REPORT UNDER COVID-19 - 04/10/20 10:34 AM
We have been getting a lot of questions about the Forbearance program under Covid-19, and more than one question about credit reporting apparently picking up on the granted forbearance, resulting in supposedly a negative impact on the borrower.
Unfortunately, not all the facts behind these questions is known, but there are definitive guidelines required by legislated regulations.
On the credit reporting issue - the rule is simple:  IF YOU GET A COVID-19 FORBEARANCE AND AT THE TIME YOU GET THE FORBEARANCE YOU ARE NOT CURRENT ON YOUR MORTGAGE, YOU WILL CONTINUE TO SHOW UP AS A LATE PAYMENT STATUS ON YOUR CREDIT REPORT.
The … (2 comments)

covid 19 mortgage deferment: COVID-19 - BANKS OFFER MONTHLY PAYMENT DEFERMENT - 03/22/20 06:34 PM
Bank of America, Chase Bank, Ally Bank, Wells Fargo, and other mortgage lenders are falling in line - to allow deferment of monthly mortgage payments for 90 or 120 days.  This is in response to the huge impact Covid-19 is having and will continue to have on everyone with mortgages in the United States.
See my previous related article at CORONA VIRUS - SUSPENSION OF FORECLOSURES
The concept appears well thought out - the deferred payments get added on to the end of the mortgage (ie: added to the remaining principal)  That means you will be paying interest on the full amount of unpaid principal, … (1 comments)

 
Richard Zaretsky, Florida Real Estate Attorney (THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY)

Richard Zaretsky

Florida Real Estate Attorney

West Palm Beach, FL

More about me…

THE ZARETSKY LAW GROUP - Board Certified Real Estate Atty and AUTOMATED LAND TITLE COMPANY

Address: 1615 Forum Place, Suite 3A, West Palm Beach, Fl, 33401

Office: 5616896660 x 107

Mobile: (561) 329-2279

Legal true life experiences, general observations and commentaries for Realtors, Lawyers and Mortgage Brokers - also see our Palm Beach County Short Sales group blog.
var _clustrmaps = {'url' : 'http://activerain.com/rpzaretsky', 'user' : 949532, 'server' : '3', 'id' : 'clustrmaps-widget', 'version' : 1, 'date' : '2011-11-03', 'lang' : 'en', 'corners' : 'square' };(function (){ var s = document.createElement('script'); s.type = 'text/javascript'; s.async = true; s.src = 'http://www3.clustrmaps.com/counter/map.js'; var x = document.getElementsByTagName('script')[0]; x.parentNode.insertBefore(s, x);})();


Listings

Links

Archives

RSS 2.0 Feed for this blog