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12 Month Mortgage Deferral

S Bengi

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Location: Massachusetts, Zone:6/7 AHS:4 GDD:3000 Rainfall:48in even Soil:SandyLoam pH6 Flat

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posted 5 years ago

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Has anyone signed up for this yet?

https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Suspends-Foreclosures-and-Evictions-for-Enterprise-Backed-Mortgages.aspx

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John F Dean

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posted 5 years ago

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The last time I checked into a federal FHA program similar to this, the compounded interest (that continued ) was a killer. I admit that if I was backed up against a wall without a job, it could be the straw I needed to save myself.

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S Bengi

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Location: Massachusetts, Zone:6/7 AHS:4 GDD:3000 Rainfall:48in even Soil:SandyLoam pH6 Flat

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posted 5 years ago

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You can basically think of the deferral as a tiny 2nd mortgage.
So if you deferred $12,000, you have to pay that $12,000 plus another $12,000 in interest.
So just add another 2yrs to your mortgage end date.

Iterations are fine, we don't have to be perfect
My 2nd Location:Florida HardinessZone:10 AHS:10 GDD:8500 Rainfall:2in/mth winter, 8in/mth summer, Soil:Sand pH8 Flat

elle sagenev

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posted 5 years ago

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It would be an option of last resort for us as the interest is a killer for sure.

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Douglas Alpenstock

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posted 5 years ago

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I'm not sure about the U.S. situation, but I would agree that it should be an absolute last resort.

It's not clear how such a move would affect your credit rating. It certainly won't help it. And that could adversely affect the interest rate you will be able to get down the road (likely higher).

It might be better to negotiate reduced payments with the lender so your loan stays in good(ish) standing.

My 2c.

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