đŸ’¥Unintended Consequences of
Mortgage Forbearance
Over 3.4 Million Loans are already in Forbearance.
The Cares Act allows mortgage customers to get a temporary suspension of their mortgage payment that does not get reported as a late on their credit.
When we are qualifying clients for a new home loan, we have to verify the past 12 months of mortgage history.
Although a forbearance is not a late on your credit,it is a non payment on your mortgage history.
This will affect this client’s ability to get a new home loan.
We continue to stress, Do not enter into a forbearance unless you absolutely have to.
It very well could affect your ability for a
new home loan in the future.
