Federally backed loans are offering 180 days forbearance. A hold on payments until October. After that they will arrange a payment plan or a loan modification.
I know this won't show as missed payments on a credit check. But if an investor wants to buy another property in the next couple of years, will lenders see this and take it into negative consideration? What are the ramifications?
@Neil H. Good question indeed! Maybe have one of the lenders chime in.
I think one of the negatives is that you're not paying down the principal at all during that time. Also no interest being paid but also no mortgage interest deduction for the 2020 tax year (or substantially less). That deduction can be a lot.
Good point on the interest deduction, Tom.