Has anyone used forbearance?

[AJ Shepard]

From my understanding there is a lot of subjectivity in how forbearance is offered in practice and up to the servicer of the loan.

I just wanted to see if there was anyone out there that has used this during the pandemic? And if they could share their experience?

I’ve been told that it won’t affect your credit. But then I’ve been then told that even though it won’t affect your credit mortgage guidelines have been updated to not allow any new loans to a person that is in forbearance and in order to qualify they would need 3 months of completely caught up and on time.

My question is, has anyone entered into this and successfully negotiated with the servicer to allow for payments to be added on to the end of the mortgage or renegotiate the terms. And, then do you qualify for loans?

[Bruce C.]

Echoing what @Charles Montgomery said, we knee jerked in March when we had just finished the rehab on our second STR, everything shut down, and all our bookings at our 2 houses disappeared (my day job is oil/gas related, I was concerned we were goi going to get hit there too, and I'm not optimistic about January at this point...). We put all 4 of our loans in forbearance. The lenders have already told me it will be as easy as requesting to have my loan extended (no lump payment). It has not impacted my credit score. It has prevented me from getting a loan, but HMLs are still willing to work with me.