Mortgage forbearance and help with mortgage payments from government. It sounds like a really good thing – maybe you can not have to pay your mortgage for a couple months – but it is not that. Please be very cautious and read the fine print of any contract I have talked with some mortgage friends of mine and it sounds like they may delay your mortgage payments for 3 months but the kicker is on month 4 you owe all 4 months worth! So if you cannot pay one month how will you pay 4 months all at once??? Also to top it off – I have been told that the mortgage companies may consider a mortgage forbearance the same as a short sale or foreclosure . So if you plan to buy a house or a different house in the next 3 years, you most likely will not be able to. The government is saying it won’t affect your credit score – that is if things get reported correctly. If you absolutely cannot pay your mortgage payment than this might be the thing you have to do but if you do not have to do it – please do not or at least do your homework first!
Please let me know if you have any questions. I will talk to you next time.