Tips to get through this-
If you have a mortgage: nearly all banks are offering a 90 day no questions asked furlough on your payment. It won't affect your credit history and they simply move 3 months to the rear of your loan. No proof is needed- just call, say you're affected by the COVID issue, and poof. You're done. They may send some paperwork asking for income levels, but that's just a formality.
Hope some of these tips help. We're taking care of our daughter who just started a skincare business. She was open 3 weeks and had to shut down. We're paying her car payment, office rent, and insurance until she gets back to work. The stopped mortgage payment really helps there.
Thank you SO much for this info Fritzo! While I am still employed, there's rumblings of massive layoffs coming soon. I'd sooner take the mortgage payment and save it for later if needed.
Thx again (and for your fantastic Fried Chicken recipe too)
EDIT - well this is disconcerting. From the BBT website. I filled out most of the form and was required to read the agreement before the 'accept' button would even be mashable. Glad it's set up that way!
"....Forbearance is like a pause button. It lets you suspend your monthly mortgage payments for a specific amount of time without incurring any late fees—and without being reported as delinquent to the credit bureaus. There’s also no paperwork expected of you in using this program for requests related to COVID-19. After the forbearance period, you’re expected to pay all suspended payments as a lump sum with your current month’s payment. From then on, you’d continue to pay your normal monthly payment......"
That tells me after 3 months of no mortage payments (like April, May, and June), I would be required to pay ALL 3 months PLUS the next month (July) when due. So, like $4000 :/
I dont think that really helps me
Y'all think the above means that as well?