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12 Month Mortgage Deferral

S Bengi

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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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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.

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elle sagenev

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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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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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