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Banks Offering Deferment On Mortgage Payments During Coronavirus with no impact to your credit on home loans for customers - Lets hear your results...

4,285 2,606 March 31, 2020 at 02:01 PM in Home & Home Improvement (3)
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Last Edited by scrapplejoe March 31, 2020 at 02:03 PM
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Please move to Finance section (could of sworn I posted in that section)

https://www.forbes.com/sites/andr...83059a56d7

I am hearing different results.... for example, Bank of America is supposedly doing it on a case by case basis and they will make you pay it all back in one lump sum at the end of 90 days (F that bank).

I am with Penfed, has anyone tried to defer their payments with them yet? I mean, I can make my payments, but I wouldn't mind saving three payments to put in my savings account at this time instead...

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#2
Unless you really need the cash, I'm not sure if it is a good idea if you can make the payments. I am assuming the interest will still continue to compound. So it might not be as simple as delay 3 months now and extend your mortgage 3 months at the end. It might be longer due to interest. So unless the saving account yields more than your mortgage rate, it might not be worth it. Again this assuming the banks still charge you interest while your payments are deferred. Something you might want to check before deferring.
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#3
https://som.yale.edu/blog/cares-a...orbearance
It appears the legislation waives any penalties, but not interest for forbearance.
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#4
The wait time on the phone with PenFed has been long lately. I have been wanting to check on that as well.

I guess it would make sense to take advantage of it if you are thinking of selling within the next 6 months. Keep 3 months off in your savings and pay a little in interests for the extra 3 months of compounded interest
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Quote from jomarrod
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The wait time on the phone with PenFed has been long lately. I have been wanting to check on that as well.

I guess it would make sense to take advantage of it if you are thinking of selling within the next 6 months. Keep 3 months off in your savings and pay a little in interests for the extra 3 months of compounded interest
I was thinking the same... wonder if you have to lose employment to qualify
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#6
Yo don't have to lose employment. You don't even have to show or prove anything. You just gotta tell them and they go from there
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#7
Quote from jomarrod
:
Yo don't have to lose employment. You don't even have to show or prove anything. You just gotta tell them and they go from there
From cnbc "there will be some accountability: borrowers will have to provide documentation when they set up their repayment plans. Lying then would be considered fraud, a spokeperson for the FHFA said."
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#8
Wait time to talk to Pen Fed was 22 hours. I left my number at 7:45 am on Friday, they called me back at 5:30 am on Saturday (Pacific Time).

They waived 1 month payment and said they will send paperwork regarding Forbearance for an additional 2 months. The rep wasn't sure about the terms, but since I have a FNMA loan, it should just extend the loan by 3 months (+ interest)
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#9
Quote from arrosen
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Wait time to talk to Pen Fed was 22 hours. I left my number at 7:45 am on Friday, they called me back at 5:30 am on Saturday (Pacific Time).

They waived 1 month payment and said they will send paperwork regarding Forbearance for an additional 2 months. The rep wasn't sure about the terms, but since I have a FNMA loan, it should just extend the loan by 3 months (+ interest)
completely waived???? Damn. Score.
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#10
My chase account let me defer payments for 3 months, but interest will keep accruing.
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Quote from sky0102
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My chase account let me defer payments for 3 months, but interest will keep accruing.
with any proof?
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Op, were you able to defer payment? PenFed has an online form where you can do so. I think limit might be just 1 month and not 3 months
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Quote from jomarrod
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Op, were you able to defer payment? PenFed has an online form where you can do so. I think limit might be just 1 month and not 3 months
I know it's getting to be an older post, but from what I read today.
"While the programs cannot, by law, hurt their credit scores, they can keep borrowers from refinancing their loans or procuring new mortgages.
In a rush to help consumers who have been impacted financially by the coronavirus pandemic, the government authorized a massive mortgage bailout under the CARES Act. It specifically states that servicers should not ask any questions of their borrowers, nor can they require any documentation of hardship in order to accommodate them."

Guess that's if it's a Fed backed loan.

90 days right off the bat. In the end, it's up to 1year (I guess with proof)
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for those that hate spelling mistakes www.walmarts.comCool

bulb save money by checking your insurance every 2 years (and not every 20) Thanks Liberty Mutual for reminding me to shop. The $842 increase this year sums it up. Across the board increase for Ohio....whatever
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