Lending Updates!
There are consequences to everything in this world and getting a forbearance on your mortgage payments is not exempt from that. Make sure you call your bank prior to skipping your payment and ensure there are no long term penalties for skipping your payment. Many banks right now are allowing deferred payments but they are still placing a negative mark on your credit report. Some are also requiring that you make up all missed payments at the same time in one month which would be virtually impossible for almost anyone.
Since there are so many forbearance's in play right now due to the rapid job loss because of COVID 19 the mortgage industry is experiencing some turmoil. They are less willing to accept new or higher risk mortgage loans when people aren't paying on the loans they currently have.
Fannie and Freddie are thinking of getting involved to reduce the stress of holding these mortgages. If that happens one could assume the FHA guidelines will loosen back up to the way they once were and our clients who have worked so hard to get their credit in a decent status could have their chance again at snatching up their dream home!
As always I'll keep you posted!
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