What you weren't told would be the results of that forbearance that was so easy to get.
Forbearance .. how to get in, get out, and the 12 month waiting period There have been more questions than answers when it comes to forbearance. Banks and servicers are making it oddly easy to get into forbearance making it seem like even if you don't need it, it's the right thing to do. But is it? It can affect your ability to get a lower interest rate or purchase a home for 12 months, locking you OUT of the market. Parents, sellers.. I'm talking to you as well. There are consequences the Cares Act did not think through. Listen to find out how to get in, get out, and more about the 12 month waiting period!
Here are the four options your service provider will offer - or make you aware of:
1. Pay it back in full and get current 2. Set up a payment plan 3. Create a deferred payment at the end of the loan 4. Set up a loan modification
Call me if you have more questions!
Nicole Rueth The Rueth Team of Fairway Independent Mortgage Corporation 750 W Hampden Avenue, Suite 500 Englewood, CO 80110