Mortgage Forbearance

[OCLuvr]

Is it tru for Wells Fargo as well?

 

[eyephone]

Is it tru for Wells Fargo as well?

Yes

 

[Happiness]

Yes, I think many of us regulars are either in essential jobs or are well financed to weather this kind of situation.

The "experts" say that people in essential jobs and people "of color' are disproportionately dying of covid 19. Since that is apparently the majority of TI members demographic, shouldn't more of us be dead by now?

Admit it, the covid holocaust is a bust.

 

[irvinehomeowner]

Yes, I think many of us regulars are either in essential jobs or are well financed to weather this kind of situation.

The "experts" say that people in essential jobs and people "of color' are disproportionately dying of covid 19. Since that is apparently the majority of TI members demographic, shouldn't more of us be dead by now?

Admit it, the covid holocaust is a bust.

So much misdirection in this statement.

Nice try... and thanks for acknowledging that flattening the curve has prevented this "holocaust" you speak of.

 

[zovall]

Does that same credit report protection extend to Loan Mods? Not from what I'm reading.... How these forbearance payments are reported to the credit agencies is one thing. How the FICO score models read this is another. Sure, there's no late payment, but if your loan reads MODIFIED BY LENDER there goes 200 points off your FICO score - in today's world. Tomorrow? That's another story.

I?ve never been late or skipped any payments on my Chase loan. They offered me a mortgage rate reduction last month that didn?t involve any term length changes, only lower rate and thus lower monthly payment. Only had to sign 1 document and took just 1 day. Would this be considered a loan modification and looked down upon in regards to my credit score/history?

Nice! How did you get this process started with Chase? Did they call you or mail you a letter with the offer?

 

[eyephone]

Yes, I think many of us regulars are either in essential jobs or are well financed to weather this kind of situation.

The "experts" say that people in essential jobs and people "of color' are disproportionately dying of covid 19. Since that is apparently the majority of TI members demographic, shouldn't more of us be dead by now?

Admit it, the covid holocaust is a bust.

So much misdirection in this statement.

Nice try... and thanks for acknowledging that flattening the curve has prevented this "holocaust" you speak of.

Here we go with the Jewish reference. It has nothing to do with Mortgage forbearance.

 

[JT]

Nice! How did you get this process started with Chase? Did they call you or mail you a letter with the offer?

I was going through a refi and Chase sent it out of the blue. I?m guessing it?s the exact situation SGIP described above. I?m fairly luckily Chase offered it because my jumbo refi didn?t go through (rate.com said their investor pulled all jumbo funding).

 

[nguyener]

5/20/2020

The Federal Housing Agency has announced that Fannie Mae and Freddie Mac borrowers in forbearance can apply for refinancing and new home purchase mortgage once their loans are current. It waives a previous mandatory wait of 12 months. That move allow faster access to record-low rates. 

According to the FHFA, borrower are eligible to refi or purchase a new home if they are current on their mortgage-in forbearance but continued to make mortgage payments or reinstated their mortgage. Borrower are eligible to refinance or buy a new home three months after their forbearance ends and they have made three consecutive payments under their repayment plan, or payment deferral option or loan modification.

If you?ve been thinking about a home purchase or refinance, now is a great time to take action with all-time low rates.

Tony Nguyen  | NMLS#93776
Vision Quest Lending  | 2860 Michelle Drive, Suite 140, Irvine, CA 92606
Direct 714-464-8042  | 877-318-0992 x6502  | Fax 866-394-9352                                                   
Email | tony@vqlending.com                                                                   
Website  |  www.visionquestlending.com
BBB A+
Apply online:http://visionquestlending.com/free_quote/

 

[Cares]

5/20/2020

The Federal Housing Agency has announced that Fannie Mae and Freddie Mac borrowers in forbearance can apply for refinancing and new home purchase mortgage once their loans are current. It waives a previous mandatory wait of 12 months. That move allow faster access to record-low rates. 

According to the FHFA, borrower are eligible to refi or purchase a new home if they are current on their mortgage-in forbearance but continued to make mortgage payments or reinstated their mortgage. Borrower are eligible to refinance or buy a new home three months after their forbearance ends and they have made three consecutive payments under their repayment plan, or payment deferral option or loan modification.

If you?ve been thinking about a home purchase or refinance, now is a great time to take action with all-time low rates.

Tony Nguyen  | NMLS#93776
Vision Quest Lending  | 2860 Michelle Drive, Suite 140, Irvine, CA 92606
Direct 714-464-8042  | 877-318-0992 x6502  | Fax 866-394-9352                                                   
Email | tony@vqlending.com                                                                   
Website  |  www.visionquestlending.com
BBB A+
Apply online:http://visionquestlending.com/free_quote/

While this is nice, it does not prevent lenders from putting in their own overlays on borrowers who have been in forbearance whether current or not to make it more expensive to refinance or obtain a loan.