Mortgage Forbearance - Corona Virus
Anyone have any experience yet requesting forbearance from their bank. Have been getting unclear messages and unhelpful guidance from our bank. Seems to be the common expectation is that banks are expecting a ballon payment at the end of the 90 days (hard to see how this helps anyone).
Wondering if anyone has heard similar or different from their bank.
bqeresident1
in General Discussion 5 years and 1 month ago
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cate | 5 years and 1 month ago
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Maybe there’s some hope other lenders will follow suit???? “While today’s statement only covers Fannie Mae and Freddie Mac mortgages, I encourage all mortgage lenders to adopt a similar approach.” said the FHFA director in the above statement.
bqeresident1 | 5 years and 1 month ago
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Hi all this was put out by FHFA for Fannie/Freddie loans – clearly stating that no lump sum is due at the end of the forbearance
https://www.fhfa.gov/mobile/Pages/public-affairs-detail.aspx?PageName=No-Lump-Sum-Required-at-the-End-of-Forbearance-says-FHFAs-Calabria.aspx
bqeresident1 | 5 years and 1 month ago
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Good advice – found this City Limits article (and the comments) helpful with details of the issues with the NY State program, which i think is actually stronger than the federal one. Also keep pushing your bank – the first person you speak with may not have the full details of your situation/mortgage and I know some banks are simply tacking it on at the end without a full mortgage modification,
cate | 5 years and 1 month ago
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Many people who own houses in Brooklyn have nonconforming loans that are not federally backed, and this has potential to be a huge problem, not just for the individual homeowners but for everyone. Obviously the aid the government is extending (all around) is not sufficient and also not being executed properly, and the repercussions are outrageous. None of these options sound reasonable, but can you get unemployment, can you take money out of your 401K for up to a year, can you rent to friends, is selling an option? (Re selling, the market now may be less frozen than it seems.) One thing to know is foreclosure actions in NYC take years before you are actually evicted. In normal times, you could negotiate with your bank about putting the house on the market so they will get their money. Maybe you should consult with a lawyer now, who would be needed to negotiate any agreement with the bank. Maybe the bank could agree to give you forbearance in accordance with the federally backed rules — for up to a year — if you offer to pay additional interest at the very end of the lo an. (And of course you can sell way before that if you like). If you cannot afford to hire one yourself at this time, consult the Legal Aid Society, which helps distressed homeowners and others.
bqeresident1 | 5 years and 1 month ago
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This is just going to result in a glut of foreclosures down the road
bbrc
in General Discussion 5 years and 1 month ago
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I explicitly asked about this – could they basically extend the length of our mortgage by 3 months by tacking the forbearance period onto the end of our loan and they said a flat-out “no.”
I am sure that the balloon payments are somehow a win for them, while the extension of thousands/millions of mortgages with no penalty is not.
bqeresident1 | 5 years and 1 month ago
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Thanks for the responses. Totally agree that the post-90 day balloon payment is absurd. In good faith I can not really imagine scenarios where that can help people – besides possibly delaying the inevitable. I was under the assumption that the NY program just pushed all payments back 3 moths if you qualified but i guess not?
bbrc
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We were offered a 90-day forbearance with a balloon payment after 90 days (which feels tone deaf).
However, they did offer a repayment plan where the interest from the 90 days of deferred payments could be spread out over the following three months.
cate | 5 years and 1 month ago
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No personal experience, but reading more detail, turns out only the federally backed mortgages offer forbearance with decent terms. If your mortgage is not federally backed, I’m not even sure they’re even obligated to offer any forbearance — but they seem to sometimes be offering 90 days with, as you say, a balloon payment at the end of it. They are also supposedly inundated. I saw a stat somewhere that said 6 percent of mortgages got forbearance April 1.