Katneedsrefi
LoanSafe Member
I’m a hair stylist and was laid off for 9 weeks during my state’s shutdown in March 2020. I also lost significant income even when my salon opened as people were scared to come in. I got a forbearance for both my mortgage and home equity loan. The mortgage is federally backed so I was able to put missed payments on the back end of the loan. The home equity loan is not federally backed so not looking good for that even though a few customer service reps said I would be able to.
I was also told that even if the investor wouldn’t approve a deferral, they would probably do a modification to accomplish the same thing. What I’m wondering is, are mortgage servicers actually making this possible or should I expect the typical bull crap? I don’t want to have to do a repayment plan, I’m not sure I can afford it, but would work more hours if I had to. Even then, I’d have to make 2 payments this month to even qualify. I’m also reluctant to start the modification process now because I don’t want my forbearance to end any sooner than necessary. Right now it ends December 15. Should I fill everything out and just not send it until right before then? Any advice would be appreciated.
I was also told that even if the investor wouldn’t approve a deferral, they would probably do a modification to accomplish the same thing. What I’m wondering is, are mortgage servicers actually making this possible or should I expect the typical bull crap? I don’t want to have to do a repayment plan, I’m not sure I can afford it, but would work more hours if I had to. Even then, I’d have to make 2 payments this month to even qualify. I’m also reluctant to start the modification process now because I don’t want my forbearance to end any sooner than necessary. Right now it ends December 15. Should I fill everything out and just not send it until right before then? Any advice would be appreciated.
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