Requesting Mortgage Forbearance: Be Careful

[@truthseekerhill4262]

I did a forbearance back with hurricane Irma. I have an FHA loan. I understood I had 3 mo forbearance and all payments were due on the 4th month. I work seasonaly and knew I would have the money to pay it back. I have excellent credit and have never missed or been late on a payment. I couldn’t believe how I was treated, like I was going into four closure. They sent me letters, phone calls, I was treated like a dead beat. Even after I paid every thing up, I feel I was still harassed by them. Good thing it didn’t seem to impact my credit. Don’t do it unless you have absolutely no choice. Get a juice loan from Uncle Tony.

[@mikeyt6719]

$3000 over 240 months= $12.50 in additional interests month... I’ll take it. Thank you so much. Great stuff. Great example. Subscribed.

[@lorenzovienna934]

I hear on other youtube videos people that are verbally expecting forbearance are seeing there credits scores drop 75points some & its now written on your morgage loan that can't be good for future loans? I don't think we no the repercussions yet being its new. But for people that have other alternatives to pay I'd use them until your unemployment kicks in & round 2 stimulus make it last resort.

[@Geminis3505]

Thanks so much for the video!

[@ShawsYouTube]

After filing I was told by our mortgage broker (because we are selling our home and buying another home) that because the "note" is now on your credit that you filed forbearance, it will drop your score by 50-100 points and you will not be able to get another loan for years even if you cancel it or pay it back in full. Just the fact that you filed for forbearance YOUR SCORE WILL DROP. Period. Brokers will not buy ANY LOANS WITH people who have filed.

[@tracylieu3211]

Be careful if you apply for forbearance must ask the servicer send you a document note it will not report to credit report before you stop make a payment that will secure for you on credit report. Forbearance will not let you refi. If you think you will loose job on next couple months, refi cash out while you have job to keep equity on your hand as emergency losing job. Or apply line of credit

[@yourmoneymatters7696]

Good explanation

[@denisjr86]

BE CAREFUL, BANKS WON'T LET YOU REFINANCE IF YOU HAVE MORTGAGE FORBEARANCE.