Forbearance and Deferment of Your Mortgage Can Have Some Big Impacts!

There are literally millions of people in deferment or forbearance of their mortgage loan, and many more considering this route. This year sure has given a beating to many people. If you are in or considering one of these options, please listen in as there are some ramifications that are possibly unexpected. I think those regulators that jumped in so quickly in March/April to bring about the CARES Act, that they didn't know the impact of a word. I think they intended on allowing a deferment, but said the word forbearance. And you will learn these are two very different animals. However, if you are intending on refinancing or getting a new purchase mortgage loan in the near future, you may be halted because of this regulation that lies underneath a deferment or forbearance.