05/05/2020
A little perspective on mortgage forbearance. Borrowers beware:
While there is still a considerable amount of confusion regarding the ability to obtain a forbearance of mortgage payments for several months during the Covid-19 disaster, be careful to discuss the ramifications that might result in doing so. Some servicing lenders are allowing the forbearance and yet still reporting the borrower as late as shown in the attached example.
This is NOT the idea of how this should work and you should obtain proof IN WRITING from your servicer in advance that they will not penalize you or your credit for granting a forbearance.
