Has anyone been approved by their mortgage company for a forbearance for 180+ days? If so, can you mention if your bnb is your primary home, second home, multiple whole home rentals, etc. Also if the bank considered your other income sources before approving you.
What’s a forbearance?
Be good to understand your circumstances, what you are trying to achieve and your country @DestinationCO to help advise.
From Investopedia:
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I assume that @DestinationCO is in Colorado, as CO is their state abbreviation.
Forbearance for a mortgage means that a bank will postpone taking mortgage payments for a length of time. The amount owed, plus interest, will be added to the end of your mortgage payments. This allows borrowers to delay having to pay their mortgage, and for many of us, helps with the fact that there is no income being made currently.
In New York State, our Governor has stated that all banks will be required to forbear mortgages for 90 days. The details have not been worked out yet. I have written to my bank and ask for my loan to be placed in forbearance. I haven’t heard back from them yet.
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California has made agreements with many of the banks for a 90 day forbearance but I am not sure that the banks would be fair about it. Likely allow it but ruin your credit with late payments. I would want to be sure that they would not be reporting me late before agreeing. The big banks cannot be trusted.
RR
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Depends on who your lender is. States have control over state banks but this would not cover NY customers of the larger national banks (regulated by the feds). I am sure federal financial regulatory agencies are encouraging forbearance by the national banks, however that’s not the same as requiring it. The feds have a lever with government-backed morgages (FHA,Fannie Mae, Freddie Mac, VA) but private loans (especially including non-bank mortgage lenders) not so much.
For example, just randomly checked Bank of America site, and all they have is their standard forbearance language.
See also https://www.bankrate.com/banking/coronavirus-list-of-banks-offering-help-to-customers-financial-hardship/
The only one that has a blanket forbearance program listed is Goldman Sachs for personal loans. Several of of the others listed are making token nonprofit donations to “help” with the crisis.
So the fine print matters. You know there are bound to be some deep-pocket investors out there ready to buy up foreclosed properties on the cheap.
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Ahhhh. We use English and call them mortgage breaks 
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FHA, Fannie Mae and Freddie Mack guaranteed mortgage forbearance programs for this disaster don’t allow your bank to report late payments to credit agencies, and I’m reasonably certain that Congress will be on credit reporting agencies and pass a law requiring them to not report late payments during the emergency.
I called my bank and got 90 days forbearance. The loan specialist (at my small statewide bank) told me that he would be sending me the paperwork I need to fill out for the “resolution phase” that would start at the end of the 90 days. By then I’ll have an idea how much SBA disaster loan money will be likely.
My credit union gave me 60 days forbearance on my car loan for my not-yet tour vehicle (I wouldn’t buy an Escalade otherwise!). And I’m catching up on bookkeeping to prepare for an SBA disaster loan.
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I read today that BofA was allowing the 90 days no payment, but then requiring it all be paid then. No help at all. This was for loans they service that were not in house loans
My mortgage is paid and I’ve never had any problems with them but if they stay on this course I’ll be looking for another bank.
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I think this typical of a forbearance. You can stop paying for awhile but you still have to pay that missed amount eventually. I guess some places just increase your payments once you resume paying to make up for the missed payments vs wanting a lump sum at the end, though.
Everyone is talking about forbearances but they don’t generally seem like a good deal to me. It’s not like I’m going to have more money in 90 days.
BofA. They are crap for sure.
Have you considered a credit union or even a local bank? Our credit union and our local bank are both giving out emergency loans to members - easy to qualify, super low interest.
Yes and there is one very close to my house. Dumb little things like not wanting to get new checks (I last ordered about 10 years ago and still am not out), not wanting to change all my payment info…basic laziness have kept me with them. I haven’t changed banks since I got divorced in 1985.
And you teased me about not filing my taxes electronically? 
They’re counting on that!
Yes. I hate to waste anything and throwing away good checks even though I only use 3 a year pains me. It doesn’t seem comparable but maybe I’m just tired today. 
Yes. Chase Bank (not that they are better) has been sending me offers to switch banks and they will pay me $200. That’s how lazy I am, I didn’t even do it for $200. LOL.
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Lol. I do that almost once a year. We have accounts at a credit union because we like them and a local bank because it’s convenient and has lots of perks and at a Chase because they paid us to open an account - which is the third time they’ve done it in the last 4 years, so they don’t seem to mind.
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I do the switcheroo dance with credit cards. A whole bunch are going to be canceled at the upcoming renewal.
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No…the whole point is that WILL NOT affect your credit at all… That’s the reason for forbearance in this environment…
The banks are not FORGIVING the mortgage payment… just adding on to the end of your mortgage…
Except that BofA is not following the rules…
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Except… if they are licensed and operating in New York State (and very likely others) that will be overridden…at some point.
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Well the big banks are known for not making things easy. I remember in 2008 I sold a foreclosure for BofA and they tried to take it away from the buyer, who they sold it too… One hand did not know what the other was doing.
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