Warning! Warning! Danger Will Robinson...
Alright people its exactly what I thought it was going to be ...the ole banana in the tailpipe! The mortgage 'assistance' that the federal government promised to help the millions of people affected by this pandemic- so we can get some economic relief in the way of a forbearance, is not all that its cracked up to be. Surprise! Well let me tell you what just happened to me. I told you in the last post that the terms as explained to me by my servicer were payment in full in 90 days -which for anyone that was laid off and unemployed is absolutely ridiculous -but dig this. A few days ago I submitted an application to get prequalified for a 203K loan for a real estate purchase and my loan officer told me: "You can't apply for a loan with a forbearance on your credit report"! Needless to say I was in disbelief since I never asked for or received a forbearance. I called back my servicer and requested that it be removed from my credit file 'tout suite'. The rep said that she could see that I called in on Apr 2 to request a forbearance, which wasn't the case, but she did see that the forbearance was cancelled on Apr 4. She said she would put in for the removal but it would take about 5 days. So... less than 2 days to get something on my report that I never asked for or received and 5 days to get it off! So for everyone who may be planning on getting a mortgage, or auto loan or even apply for a credit card, you're going to be in for a rude awakening if you went the forbearance route. In my opinion there's something just plain deceptive and yes, wicked if you ask me- or at the very least, misleading about telling people they're getting help -when in all actuality they're simply postponing the inevitable and not really letting you know the repercussions of the 'help' you think you're getting. And even if by the grace of God or some unexpected windfall you're able to pay what you owe in 90 days your credit reflecting a forbearance will still hurt you and impact your ability to apply for credit when you may need it again down the road- or around the corner. I leave you with this spiritual food for thought: Luke 6:45 "A good man out of the good treasure of his heart bringeth forth that which is good; and an evil man out of the evil treasure of his heart bringeth forth that which is evil: for of the abundance of the heart his mouth speaketh". I'm just sayin. Till next week. Be blessed
