gift
Willie Smits: Village Based Permaculture Approaches in Indonesia (video)
will be released to subscribers in: soon!
Win a copy of Homegrown Linen this week in the Plant Fibers forum!
  • Post Reply Bookmark Topic Watch Topic
  • New Topic
permaculture forums growies critters building homesteading energy monies kitchen purity ungarbage community wilderness fiber arts art permaculture artisans regional education skip experiences global resources cider press projects digital market permies.com pie forums private forums all forums
this forum made possible by our volunteer staff, including ...
master stewards:
  • Anne Miller
  • Nicole Alderman
  • r ranson
  • Pearl Sutton
stewards:
  • Mike Haasl
  • paul wheaton
  • Devaka Cooray
master gardeners:
  • Steve Thorn
  • Carla Burke
  • jordan barton
  • Leigh Tate
gardeners:
  • Greg Martin
  • Jay Angler
  • thomas rubino

12 Month Mortgage Deferral

 
pollinator
Posts: 3114
Location: Massachusetts, Zone:6/7, AHS:4, Rainfall:48in even Soil:SandyLoam pH6 Flat
330
forest garden solar
  • Likes 3
  • Mark post as helpful
  • send pies
    Number of slices to send:
    Optional 'thank-you' note:
  • Quote
  • Report post to moderator
Has anyone signed up for this yet?

https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Suspends-Foreclosures-and-Evictions-for-Enterprise-Backed-Mortgages.aspx
 
gardener
Posts: 2535
Location: southern Illinois.
664
goat cat dog chicken composting toilet food preservation bee solar wood heat homestead
  • Mark post as helpful
  • send pies
    Number of slices to send:
    Optional 'thank-you' note:
  • Quote
  • Report post to moderator
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.
 
S Bengi
pollinator
Posts: 3114
Location: Massachusetts, Zone:6/7, AHS:4, Rainfall:48in even Soil:SandyLoam pH6 Flat
330
forest garden solar
  • Mark post as helpful
  • send pies
    Number of slices to send:
    Optional 'thank-you' note:
  • Quote
  • Report post to moderator
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.
 
pollinator
Posts: 2530
Location: Zone 5 Wyoming
415
kids duck forest garden chicken pig bee greening the desert homestead
  • Mark post as helpful
  • send pies
    Number of slices to send:
    Optional 'thank-you' note:
  • Quote
  • Report post to moderator
It would be an option of last resort for us as the interest is a killer for sure.
 
master pollinator
Posts: 1105
Location: Canadian Prairies - Zone 3b
279
  • Mark post as helpful
  • send pies
    Number of slices to send:
    Optional 'thank-you' note:
  • Quote
  • Report post to moderator
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.
 
I'm tired of walking, and will rest for a minute and grow some wheels. This is the promise of this tiny ad:
Rocket Mass Heater Plans - now free for a while
https://permies.com/goodies/7/rmhplans
reply
    Bookmark Topic Watch Topic
  • New Topic