Forbearance: For the self managing real estate investor

[Jared Smith]

Homeowners/REI's, each bank is handling mortgages differently.

Chase - 3 months forbearance with nothing reported to the credit agencies.

Wells Fargo - April, May and June are the only months they are doing forbearance and then you can pay or add to the end of the loan term. Most flexible but one less month if you call before 5/1.

PHH - 3 month forbearance and then 8/1 you need to make a lump sum of 4 mortgage payments or you will be foreclosed on 🤦‍♂️🤔

Big banks don’t want to own all of these properties so they are doing everything they can to help homeowners keep their homes because it is the right thing to do but they also know this will eventually pass.

Everyone is doing forbearance's but each one has subtle nuances and it could also change. Make sure you do your due diligence!

-Jared