COVID mortgage deferral or forbearance

[Megan Brooks]

I requested mortgage assistance through Chase due to the uncertainty of coronavirus back in April. I have made all payments on time but "deferred payments" were reported to the credit bureaus; I found out because I'm trying to purchase a new rental. Supposedly Chase alerts the credit bureaus the first 5 days of the month. Does anyone know how long it takes for this to be removed from your credit? Is there anyway I can expedite this? Will I have to order a credit report to ensure that this has been removed? Anyone else dealing with this?

[Elise Marquette]

@Megan Brooks I've run into this situation a few times with buyers who had a forebearance/assistance listed on their credit report. You'll have to make sure that all your payments have been made on time and that nothing is outstanding and contact the bank to get them to remove the assistance from your credit report. Once this processes, you can ask your lender to supplement your credit report. Your lender may have additional requirements depending on loan type, LTV, and credit score so you'll have to confirm with them.