Replies to post #606237 on Fannie Mae-No Politics (FNMA)

[navycmdr]

Of course it does- it's a SIGNED LEGAL CONTRACT

the DEVIL is in the Details - when do you have to

settle up ?? - if it means a Baloon Payment at the

end of the Forbearance 90-120 days or EXTRA money

each month until the Forbearance is made up/covered -

or just tack onto the end of the Mortgage when the

Mortgage is ReFi'd or Sells ... Lenders don't have

to wait YEARS for the payments of Interest & Principal

missed during Forbearance

[contrarian bull]

Does interest accrue while a loan is in forebearance ?

I was curious about this too. I've received a few new monthly statements after I quit paying my mortgages and they treat your loan as if you paid normally. They credit the principal from the missed payment against your outstanding balance, and mark the interest as having been paid. There are no late fees assessed.

However they now add a running total of missed payments. At the end of the forbearance that total is immediately due, and if not paid they will go back and charge late fees and interest on the missed payments.

They say I can apply to extend it past 3 months for up to 12 months of forbearance, then either get on a payment plan to pay your original payments and your back payments over several months - or get a loan modification. To apply you need to supply financial documents showing an inability to pay.

The loan modification can either add the missing amount as a lump sum when the loan is paid off, or roll it into the loan with an adjusted monthly payment so it gets paid by the end of the loan.

The mortgage servicer is paying the mortgage owner the payments I don't make. So they are on the hook for the full payment amount until it's paid back. F&F are not the servicer - so shouldn't have to pay it, but congress thinks f&f are so wealthy they should pay it for the servicers.