Mortgage Forbearance Ramifications
Not sure if this has been posted yet, but I think it is worth sharing. I heard on the Rental Income Podcast w/ Dan Lane, bonus episode from this Saturday "The Ugly Truth About Mortgage Forbearance", the long term effects this may have on an individual that takes this route. It is only 7 minutes long and worth a listen, but I'll summarize below.
They discuss how this may hurt your chances at getting a conventional loan or refinancing for up to the next 2-4 years. They are saying that "forbearance" or "deferment" will appear on your record and that 3 of the major lending institutions are already rewriting their underwriting guidelines so that people would be ineligible for a conventional loan for that time period.
Any thoughts? Maybe a couple lenders can chime in on what may be going on behind the scenes. I feel that most people are unaware of this and it may have a big impact on the market in the next few years.