Loan Forbearance impact on Credit or ability to Refinance?

[Susan O.]

Hi ya'll

What are your opinions or has anyone had some experience with Loan forbearance?

Has anyone tried getting a loan modification at the end of their forbearance period?  What do you think the options will be? Lower rates?  Deferment to put the owed debt at end of the loan?  Or something worse?  Could this Loan mod at end be something negative for our ability to do a future Loan or Refi on another property?

This is on a Duplex I live in one side.  I got Wells Fargo forbearance last March during covid.  I was thinking of trying to refinance but they said to refinance I'd have to Pay back all the defered payments then the rate would be about 3.5% on the new loan.. That would be a Refinance not a Loan Modification

Then I was wondering Deferment would put all my payments at the END of the loan which would be beneficial over a refinance where I'd have to pay off my last 3-4 months of payments.  Perhaps the Loan modification at the end of the Loan Forbearance could be some really good options for us?

But I also heard if you just wait until the end of your forbearance payment you may have the option to then Modify the loan? What do you think terms will be and what I should do?