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Covid19 Forbearance and Credit Danger! Act Before May 1st
Manage episode 329633000 series 3186763
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Mortgage forbearance isn't supposed to affect your credit score. The recent Covid19 Act passed by Congress was designed to protect US citizens during our shutdown.
But immediately after recording my most recent Youtube video explaining exactly how to negotiate the process,... mortgage servicers created a loophole in the Act to KILL your credit
According to the CARES Act, your credit score should be protected from impacts as long as you were current when you agreed to forbearance. Unfortunately, mortgage borrowers may be getting tricked.
2.9 million people have already applied for mortgage forbearance - and we aren't even a full 30 days behind on April 1 payments yet;
the actual number of people applying and requesting forbearance may be as high as 7 million over the next 3 months. This sets the stage for devastating credit consequence when it comes time to request a loan modification or loan deferment in the future. Will mortgage forbearance affect your credit?
Even though the CARES act by law states that your credit is protected during a forbearance plan, lenders appear to be adding remarks to customer's credit profiles WHILE reporting customers as current, BUT those remarks are being picked up by reporting agencies - leading to credit scores suffering large declines. Some have reported credit scores dropping as much as 75 points (TransUnion and Experion) by entering into forbearance INSTANTLY. (Updates weekly) Please pass this on to anyone considering or asking for Forbearance. As of early this morning April 21st a new update is showing that servicers are adding/ reporting immediately that a loan is in forbearance... prior to being 30 days late. DO WHATever you can to make the mortgage payment before the 30th of the month!! _________________________________________________________
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