Are scores are (we’re) in the 800’s and we make and have plenty of money.They denied our application with the reason being “Other/COVID 19”. We are more than qualified based on of criteria. Now I am trying to refinance (with them as well). They sent me something saying we missed deadline on application to sign and that we weren’t in forbearance and there was nothing more we needed to do and that nothing would be getting reported to credit bureau as long as payments were made.We Never missed a payment or was late. I And I sent them an email 1 month after initial one stating I was not interested and fortunately would not need. They mailed me necessary paperwork and that I needed to sign the agreement. I stated that I may want to APPLY for forbearance. Once the forbearance period is complete, if you are not able to reinstate the loan, there may be costs associated with a repayment plan or loan modification agreement.Īt onset of pandemic I sent an email to Aimloan regarding my existing mortgage on an investment property with them. Is there a cost for this? There is no cost for the forbearance. What if I have automatic payment drafting? Borrowers under forbearance will have their automatic payments suspended. Will I have to pay late charges? No late charges will be charged during the forbearance period. How is my credit affected? Your credit report will indicate “Loan in Forbearance” on the missed payments. Conventional loans which are backed by Fannie Mae and Freddie Mac do not automatically default to this option. Borrowers with permanently impaired financial ability will be worked with to find the best solution, which could be a loan modification, a short sale, or a deed in lieu of foreclosure.Ĭan I add my skipped payments to the end of the loan? FHA and VA loans provide for this option. Borrowers with returned financial ability may pay the missed payments in a lump sum or enter into a repayment plan that will add an additional amount to their regular payment until the past due amount is paid. What happens after the forbearance period ends? Our servicing department will contact you at least 30 days before your forbearance period ends. If you still have stable income that can be documented, you may want to consider refinancing your remaining loan balance to lower your rate and payment, as an alternative to forbearance. Your credit report will read “Loan in Forbearance” for the missed payments. Forbearance may impact your ability to obtain a new mortgage or refinance an existing mortgage.At the end of the forbearance period, you will need to bring the loan current or enter into a repayment plan or loan modification. Forbearance does not forgive your payments.
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