With millions of people experiencing financial hardship because of the outbreak, the requests for mortgage forbearance skyrocketed by 1,270% between the weeks of March 2 and March 16, and by another 1,896% between the weeks of March 16 and the week of March 30, according to the Mortgage Bankers Association.
The recently passed Coronavirus Aid, Relief, and Economic Security act, or CARES act, allows impacted homeowners with federally backed loans to delay paying their mortgage and get a break on accumulating interest for up to a year.
But securing relief now could come back to haunt you later. Your bank still expects payment at some point and it may even require a lump sum at the break’s end.
FROM HERE
Glad I'm not in that spot. My place isn't anything grand but it's mine free and clear.
ReplyDeleteI have been paying an extra $155 a month on the wife's car note for the past 8 months. I want it paid off. I got notification that my car note can be skipped for 3 months because of the Chinese Flu. I read down in the small print that it will still accrue interest. I have $12k left on the loan and if I skipped those 3 payments it would take 4 and a half payments on the back end to make it up. They will get their monthly and the extra $155. I plan on having this paid off in 2 years.
ReplyDelete