3 Dangerous Downsides of Mortgage Forbearance. Also, Learn the psychology of investing & making money, use code ⚠️MoneyFromHome⚠️ expires 4-15-2020 – ALSO Deposit $100, get💰2 Free Stocks 📈
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For a breakdown of mortgage forbearance, watch this video on The $0 Mortgage:
What are the downsides of mortgage forbearance? There are 3 major downsides to applying for mortgage forbearance that were not initially evident and are not considered in the stimulus bill, which encourages servicers of federally-backed loans to enable mortgage forbearance options.
Mortgage Forbearance Trap #1: A lack of a written repayment agreement which leads to the classic: let’s get you the “$0 mortgage” now, extend you if necessary, and deal with repayment later. Unfortunately, dealing with repayment could push you right into the direction of foreclosure or foreclosure mitigation options. This can all be avoided with a proper upfront agreement. Especially since foreclosure mitigation options CAN hurt your credit. So, indirectly, mortgage forbearance could hurt your credit or ability to get a loan.
Mortgage Forbearance Trap #2 has to do with your ability to qualify for other loans, credit lines, and loan attestation forms. Including potential history checks – which is basically a new type of an alternative credit check that could be really bad for your future!
Mortgage Forbearance Trap #3 has to do with landlords and tenants – eviction dangers, lease-term change issues, and ethics issues.
The stimulus-approved mortgage relief is such a mess and could potentially really hurt home borrowers for the following 3 reasons.
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