Is mortgage forbearance an option? Here’s what to know — Mississippi Business Journal

Suddenly out of work or making due with reduced paychecks, an estimated 4.1 million Americans have sought forbearance on their mortgage, according to data released Monday by the Mortgage Bankers Association. That’s a staggering number, and experts anticipate more homeowners will seek this protection as the economic impact of the coronavirus wears on. A forbearance…

via Is mortgage forbearance an option? Here’s what to know — Mississippi Business Journal.

Just a word of caution on forbearance. Under current law, specifically the CARES Act, mortgage providers can put a note in your mortgage file showing forbearance which will negatively impact your credit rating. Under the proposed HEROES Bill being considered in Congress right now, mortgage providers won’t be able to put such a note in your file. It remains to be seen if that provision remains in the bill if it passes. That tidbit is left out of the article. I am basing my information on several financial planner YouTubers who have reported people using forbearance and noticed their credit rating dropped.

About Wichita Genealogist

Originally from Gulfport, Mississippi. Live in Wichita, Kansas now. I suffer Bipolar I, ultra-ultra rapid cycling, mixed episodes. Blog on a variety of topics - genealogy, DNA, mental health, among others. Let's collaborateDealspotr.com
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