Forums:

12 Month Mortgage Deferral

S Bengi

pollinator

Posts: 3830

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

560

I like...

posted 6 years ago

3
Number of slices to send:

Optional 'thank-you' note:

Send

Has anyone signed up for this yet?

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

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

John F Dean

master steward

Posts: 8431

Location: southern Illinois, USA

3347

I like...

posted 6 years ago

Number of slices to send:

Optional 'thank-you' note:

Send

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.

I learn from the mistakes of others who take my advice.

S Bengi

pollinator

Posts: 3830

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

560

I like...

posted 6 years ago

Number of slices to send:

Optional 'thank-you' note:

Send

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

pollinator

Posts: 2916

Location: Zone 5 Wyoming

520

I like...

posted 6 years ago

Number of slices to send:

Optional 'thank-you' note:

Send

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

Come join me at www.peacockorchard.com

Douglas Alpenstock

master pollinator

Posts: 5671

Location: Canadian Prairies - Zone 3b

1609

posted 6 years ago

Number of slices to send:

Optional 'thank-you' note:

Send

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.

Try 100 things. 2 will work out, but you will never know in advance which 2. This tiny ad might be one:

Learn Permaculture through a little hard work

https://wheaton-labs.com/bootcamp