Covid mortgage forbearance participation will ruin your credit

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And it will sent you straight to bankruptcy.

Immediately upon the shutdowns, I contacted my bank about it (I had been laid off from my job.) They said, “sure thing…you can get into our program.” What I expected was something along the lines of a full stop, where payments would pause for a period of time, without penalty, simply adding however many months to your loan term.

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No…no, no, no…basically, their program was that for however long the term was, the FULL nut of what you didn’t pay became due immediately. So, yeah…sure…they wouldn’t threaten to take your house if you didn’t pay your loan for six months, but at the end of the six months you owed ALL six months of payments right then and there…lump sum.

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I saw zero benefit in this, and just managed to keep paying my mortgage as normal.

 

h/t Larphillips

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